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Updated almost 4 years ago,

User Stats

55
Posts
42
Votes
Ilan M Aliphas
  • Rental Property Investor
  • Milpitas, CA
42
Votes |
55
Posts

Paid IRS after Audit. How does that impact my return for 2020?

Ilan M Aliphas
  • Rental Property Investor
  • Milpitas, CA
Posted

Hello,

I asked this question to my CPA and the answer didn't make sense to me.  Last year I got audited for my 2015 CA state tax return.  That year I did my taxes on Turbotax and fell for a misleading Turbotax trap. I had to pay a large amount of taxes in 2020 for this 2015 mistake – let's round it to $10k just for argument sake.  

Can I deduct those $10k on my 2020 Federal Tax return?  Is there any caveat like for example it depends on my total 2020 income?

Thanks in advance!!

Ilan

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