On 4/19/2019 7:17 AM, R. Victor Klassen wrote:
Unlike in the US where state tax refunds are income for federal purposes, provincial and federal taxes do not interact. So these are purely tax-free.
This is an example of why no one size fits all. In the US state tax refunds MAY be income for federal tax purposes. Whether or not they are depends on whether the tax payer itemized in the previous year and if so, whether state income taxes were included in the itemization (you get to deduct EITHER state income taxes or state sales taxes but not both)
Michael D Novack PS -- with the proviso that I am NOT "qualified" to be a tax advisor _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
