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Interest, Investment, Money Transactions

Question: Is the interest amount that we paid to the IRS deductible?

Answer:

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
  • Publication 529, Miscellaneous Deductions

 


Category: Itemized Deductions, Standard Deductions
Subcategory: Interest, Investment, Money Transactions

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224