2006 tax year- form on the IRS website
Q.I noticed that TURBOTAX has not yet updated Schedule "A" to reflect the possibility of deducting sales tax (again as it was reinstated near the end of 2006 retroactive to the entire 2006 tax year, as I understand it). Anyone ELSE notice this and/or maybe find another form on the IRS website where I missed it?
A.You should shortly receive another form from the IRS about that deduction. Congress didn't re-enact the provision until after the forms were sent to the printers, so a separate form was created. The private tax prep companies have to create their own forms as exact duplicates of the authorized IRS forms, so they would not have added an item that was not included on the official form. See IRS Publication 600, available at: http://www.irs.gov/pub/irs-pdf/p600.pdf The Florida intanglible tax is unlikely to be considered an "income" tax because it's assessed annually on the value of the property - that makes it an ad valorem property tax rather than an "income" tax. As such, you can most likely deduct both the sales tax and the intangible tax. The intangible tax would be taken as an itemized deduction on Schedule A.
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