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URL:  http://boards.fool.com/deducting-state-income-tax-24939331.aspx

Subject:  Deducting state income tax Date:  12/15/2006  5:39 PM
Author:  cstillwell55 Number:  90005 of 121572

Here in Texas we don't have a state income tax; however, my siblings and I recently sold some property in North Carolina that we inherited from our grandfather via our mother. It turns out that in addition to federal capital gains taxes I will also have to file a NC state income tax return. I seem to recall that state income taxes paid can be deducted on the federal income tax return. Is this true and if so is that deduction made during the same tax year?

~ Stillwell
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