Tax Deductions

More in Tax Deductions

Can College Books Be Claimed as a Tax Deduction?

The Internal Revenue Service offers a number of tax benefits for higher education expenses, but books often won't count as a qualified expense. However, certain tax credits and exclusions do allow you to reduce your tax burden as a result of money you spent on books needed for ...

Can a Boat Be Considered a Second Home for a Tax Deduction?

Buying a boat can give you a new leisure activity, but it might also give you a tax break. If you've taken out a loan to buy the boat and the loan is secured by the boat, you might qualify to deduct the interest you pay on the loan as part of the mortgage interest deduction.

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 ...

Can I Deduct Children's School Tuition?

If you send your children to private school, it can amount to a hefty bill each year. The IRS commiserates with you to some extent, but it can be stingy with its available deductions for education-related expenses. Depending on how much you earn, you may not be eligible for ...

Are There Limits to Stock Loss Deductions?

When losing money on stocks, you can deduct your losses on your tax return. However, you may not be able to deduct them all in any given year. If you don’t deduct them, you still have options to save money on your taxes. The IRS limits how much you can write off in a year, ...

Do Capital Losses Count Against the Standard Deduction?

When the time comes to complete your tax return, you want to make sure you take all of the deductions and write-offs possible to pay no more income tax than is necessary. For many tax payers, the standard deduction provides the best tax benefit. Capital losses are claimed on ...

Can I Get a Tax Deduction if I Give a Car Away?

You may have several reasons for wanting to donate your car. It might cost more to get it in salable condition than you're willing to pay. The car's current market value may be negligible to you. Donating your vehicle might also seem like an easier way to get it off your hands. ...

What College Expenses Can I Deduct From My Federal Taxes?

The Internal Revenue Service offers a range of tax benefits for the costs of education. However, these tax benefits apply only to post-secondary education, such as colleges, universities and vocational schools. Knowing what costs qualify for the various tax benefits and who ...

Tax Deduction for Donating Glasses to Charity

Many people take for granted either their eyesight or their access to eyeglasses to correct their vision. However, not everyone is as lucky, so some charities collect donated glasses to spread the gift of sight to the less fortunate. If you're giving away your old glasses, you ...

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