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Frequently Asked Tax Questions
Itemized Deductions, Standard Deductions - Interest, Investment, Money Transactions
Is the interest amount that we paid to the IRS deductible?
Rev. date: 02/11/2013
Is the interest amount that we paid to the IRS deductible?
Interest You Can Deduct
Tax Bill/Debt/Liability
Interest and penalties paid to the IRS on federal taxes are not deductible.
For more information, refer to:
Items You Cannot Deduct in the Interest Expense chapter in
Publication 17
,
Your Federal Income Tax for Individuals
Tax Topic 505
,
Interest Expense
Publication 529
,
Miscellaneous Deductions
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