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When itemizing taxes such things as sales tax, auto registration renewal and property taxes are an allowed tax break on a Federal Tax Return. IMHO it would appear that if you pay $200.00 for a ATF Tax Stamp it could also be itemized on your Federal Tax return and potentially a state return.
Has anyone done this?
What's your thoughts?
Larry
I'm no CPA, but I'm betting that's a lot of wishful thinking on your part. lol Maybe if you're tax exempt as a farmer maybe as you could claim it as farm equipment (gotta keep those groundhogs from eating all your beans without disturbing the neighbors), but that would still be a pretty long stretch. And with 80k new IRS agents just looking for something to keep themselves busy I don't think this is the best time to experiment with deductions.
Maybe a tax audit but most likely a disallowed deduction, and a letter explaining it, and a form to appeal.
Will slip through or NOT, but if questioned will delay refund if you are due.
If a misunderstanding no jail time :)
If intentional intent at fraud, Can I have your guns?
Is your return "CLEAN" otherwise? Don't answer.
Never claimed a tax stamp, don't got one.
But have had deductions (for pet turtle :)) disallowed.
The simple answer is NO! I've got 7 NFA tax stamps, and you cannot write the $200 price off of your Federal taxes.
It's no different than paying the Federal tax on fuel, Duck hunting stamps, or anything else.
MY humble opinion is wrong again "LOL"
You see the simple answer is you cannot itemize Stamps on Schedule A line 16 for individuals. And since there is no other place on Schedule A 1040 for stamps like there is for Fed Income Tax and SS Tax...you literally have no place to report them!
However, If your a business, stamps may be deducted as an office expense, the same with licenses needed for the business. Normally postage stamps for example would be grouped under "office" Expenses. Hunting, Fishing and Trapping license could be deducted if you own "a guide service" for example.
Here is what the IRS instructions for Schedule A 1040 states.
https://www.irs.gov/taxtopics/tc503
Nondeductible taxes
You may not deduct certain taxes and fees on Schedule A, including but not limited to:
- Federal income taxes.
- Social security taxes.
- Transfer taxes (such as taxes imposed on the sale of property).
- Stamp taxes.
- Homeowner's association fees.
- Estate and inheritance taxes.
- Service charges for water, sewer, or trash collection.
Refer to the Instructions for Schedule A (Form 1040) and Publication 17 for more taxes you can't deduct.
Wishful thinker over-and-out!