Itemized Deductions, Standard Deductions:
Interest, Investment, Money Transactions
(Alimony, Bad Debts, Applicable Federal Interest Rate,
Gambling, Legal Fees, Loans, etc.)
This is archived information that pertains only to the 2005 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
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
Chapter 25, Interest Expense, in Publication 17, Your Federal Income
Tax for Individuals; and Tax Topic 505, Interest Expense.
Can I deduct alimony paid to my former spouse?
If you are divorced or separated, you may be able to deduct the alimony
or separate maintenance payments that you are required to make to your spouse
or former spouse, or on behalf of that spouse. For additional information,
refer to Tax Topic 452, Alimony Paid (this topic covers alimony
under decrees or agreements after 1984); and Publication 504, Divorced
or Separated Individuals .
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