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Page 57 of 63 |
What taxes are deductible? |
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Itemized deductions include state and local property and income taxes. Real property taxes must be on United States property to order to be deductible, whereas personal property and income taxes may be state, local, or foreign. Foreign income taxes are usually available also as a credit and taking a credit for foreign income taxes is usually more advantageous than deducting them. This should be verified with your tax consultant.
Self-employed persons may deduct one-half of their self-employment taxes.
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