Tax Deductions

More in Tax Deductions

What Line Do You Use to File Mortgage Interest on Form 1040?

You can claim a deduction for mortgage interest you pay either on your primary residence or second home or on a rental property, but where you report it depends on which type it is. Regardless of whether you're deducting mortgage interest on your home or a rental property, it ...

Can I Deduct Title Insurance on My Taxes?

There are many financial benefits to owning your own home, including some nifty tax write-offs. However, you'll have to itemize your deductions when you file your federal income tax return to take advantage of them. While there are a number of homeowner-related items you can ...

A Capital Loss Carryover and Married Filing Jointly

Investing can boost your net worth when you pick winners, but a few duds here and there can have you wishing you just left the money in a savings account. You'll get a little bit back when you file your taxes, but since Uncle Sam caps the amount you can deduct each year, you ...

Cut Off Date for a Charitable Donation to Affect Tax Liability

Taxpayers who itemize their deductions can take advantage of year-end charitable giving to help out causes that are important to them, and save on their taxes at the same time. If you are in the 25 percent marginal tax bracket and give $2,000 to your favorite charity, you will ...

Can COBRA Qualify for the Self-Employed Health Insurance Deduction?

When you lose your job, your former employer may allow you to continue your health care coverage under your prior plan as required by the Consolidated Omnibus Budget Reconciliation Act of 1985 but require you to pay for some or all of the premiums. If you have a spouse and ...

Can I Include Social Security Withheld as a Deduction?

When you prepare your annual federal tax return, it's important to remember deductions. These are expenses you can subtract from your gross income. The result of taking deductions (and claiming exemptions) from your gross income is your net taxable income. By claiming all the ...

Can You Write Off Your Homeowners Insurance Deductible on a Claim?

If you lose property to a fire, storm damage or a thief, you can write off your financial losses on your taxes. You can't take a deduction for anything your insurance pays for. If, say, a storm destroys your $200,000 house and you get $200,000 back, you have no write-off. You ...

Can an Overlooked Past Tax Deduction Be Claimed Presently?

You aren't automatically out of luck if you've discovered that you missed a deduction after you filed your federal income tax returns. You can claim a tax deduction that you overlooked on your tax return for the present year and for previous years. You must file the proper form, ...

Can I Deduct Mortgage Interest on My Timeshare?

Having a timeshare allows you some time away from home each year to relax and refresh yourself. If you're paying interest on a mortgage on the timeshare, it can also refresh your wallet: the interest on the timeshare mortgage may be tax-deductible, which can increase your tax ...

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