My Client had a suit that he had purchased in England and had it mailed to USA. He had to pay a duty on it over and above the shipping costs. Is this duty considered a foreign tax deduction?
Thank you!
Best Answer Click here
This discussion has been locked. No new contributions can be made. You may start a new discussion here
Also, Duty is more like a specific Fee. You might incur duty as well as sales tax, for example, and perhaps a broker's fee for import/export purposes.
The Foreign Tax part of income tax preparation has to do with source of income. Not consumption types of activities. Now, for Business duty, excise and sales and other fees or taxes, those might be part of the business financial reporting. But you describe a personal purchase; personal life is never a tax deduction.
NO. It was not a tax on income. It is part of the cost of the product purchased
Also, Duty is more like a specific Fee. You might incur duty as well as sales tax, for example, and perhaps a broker's fee for import/export purposes.
The Foreign Tax part of income tax preparation has to do with source of income. Not consumption types of activities. Now, for Business duty, excise and sales and other fees or taxes, those might be part of the business financial reporting. But you describe a personal purchase; personal life is never a tax deduction.
Thank You, I appreciate your very complete answer!
Thanks for your reply.
@lisnesak Is A Spammer and do not click the link in that topic. I will flag this as Spam to be removed.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.