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#1
04-06-2022, 11:01 AM
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State Taxes Deductibility
This will be obvious to all those who are knowledgeable about our outdated and confusing tax code. I went to see my accountant for preparation of my 1040 and received some unexpected and welcome news. As many might recall, I have waged an unsuccessful battle against paying state income tax to AHs on charges imposed where I am not resident, ie. any state but Florida. This has been principally directed towards one predominant AH in Texas. i have been stonewalled at every turn.
Anyhow, I learned that I can deduct state taxes as part of acquisition cost, which I had not realized prior. This should save me some tax dollars...most welcome. I also have to wonder if these taxes paid in the past have gone into an escrow account and sent to Florida or ended up in general operating funds. 
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