Schedule L

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Dictionary Says

Definition of 'Schedule L'


A form attached to Form 1040 that is used to calculate the standard deduction for certain tax filers. Schedule L is only used by taxpayers who are increasing their standard deduction by reporting state or local real estate taxes, taxes from the purchase of a new motor vehicle or from a net disaster loss reported on Form 4684.
Investopedia Says

Investopedia explains 'Schedule L'


Refunds and rebates already received on real estate taxes reduce the amount of additional standard deduction for which a taxpayer may be eligible. With regards to motor vehicles, taxpayers in states that do not charge sales tax but levy another fee on the purchase of a new vehicle can treat those fees as a tax for the purpose of this form.

Taxpayers should check to see if an increased standard deduction will provide the same tax benefit as itemizing deductions.

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