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Home > Business & Finance > Is penalty & interest , as well as principal, tax deductible for past years?

Is penalty & interest , as well as principal, tax deductible for past years?

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tbutlersmile | 21:22 Fri 04th Jul 2008 | Business & Finance
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Is penalty & interest , as well as principal, tax deductible for past years?
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Don't understand the question. Penalty and interest on what?

Penalties aren't normally tax deductible whatever they are for. Interest would depend what it's for.

If you're talking about penalties and interest from a tax investigation, then no, it wouldn't be tax deductible for a future year.
21:33 Fri 04th Jul 2008

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