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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: trend line who wrote (1312)	3/21/2001 7:19:37 PM
From: Colin Cody	Read Replies (2) \| Respond to of 1383

Trend line, That is not a simple question! It has far reaching issues, from NOLs to the AMT to the "tax benefit rule" and beyond. CAN you file a 1040X and take off the State Income taxes deducted on Schedule A? I believe so, the claiming of deductions such as that are voluntary (not mandatory) on the part of the taxpayer. WOULD I have a client do so automatically, without considering the ramifications of the above issues? Certainly not! I'd suggest you give careful consideration to filing that amended tax return, before you send it off to the IRS. Colin Cody, CPA