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Interest, Investment, Money Transactions
Question: Is the interest amount that we paid to the IRS deductible?
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
Category: Itemized Deductions, Standard Deductions
Subcategory: Interest, Investment, Money Transactions