Which taxes are generally deductible from taxable income?

Property taxes and state and local taxes are generally deductible from taxable income because tax laws allow for certain deductions that help reduce an individual's overall tax burden. These deductions are especially relevant for taxpayers who itemize their deductions instead of taking the standard deduction.

For property taxes, homeowners can deduct the amount they pay on real estate taxes assessed on their property, as long as these taxes are based on the value of the property. Additionally, state and local taxes, which include state income taxes or sales taxes (if the sales tax deduction is chosen over state income taxes), can also be deducted. This provides taxpayers with an opportunity to lower their taxable income based on taxes already paid, helping to alleviate some of their overall tax liability.

Other types of taxes, such as capital gains taxes, are not deductible. Capital gains taxes apply to the profits from the sale of assets and are considered part of the taxable income rather than deductible expenses. Income taxes, while they may feel like they could be deductible, often fall under the broader category of state and local taxes, so this option is more limited. Sales taxes, while deductible in certain circumstances, are not applicable to all taxpayers and are included within the broader scope of state and local taxes as mentioned.

Thus, property taxes