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Author: cstillwell55 Two stars, 250 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: Re: Deducting state income tax Date: 12/15/2006 7:12 PM
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Since you live in TX you'll use the sales tax deduction on Schedule A for 2006. I'm not sure whether that deduction has been extended through 2007 or not, but if it has, in 2007 you'll need to choose whether you'll deduct state and local income tax, IOW what you pay NC, or sales tax. You can't do both.

Good point. I don't recall if the sales tax deduction is being extended either, but I'm sure the NC taxes are going to be greater.

Thanks,

~ Stillwell
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