Tax Deductions

More in Tax Deductions

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, but ...

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 ...

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 You Turn in COBRA Payments for Your Insurance on Your Taxes?

If you lose your job, you're usually entitled to continue your current health insurance through provisions under the Consolidated Omnibus Budget Reconciliation Act of 1985, but you have to pay the premiums. If you're paying out of pocket, you might be able to translate those ...

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 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 ...

When Is a State Tax Refund Considered Taxable Income?

Normally, state income taxes are considered a deduction from taxable income. But your state income tax deduction in one year can turn into taxable income for the next year if you get a refund of state income taxes. Generally, you can’t do your state taxes until you do your ...

Does Property Tax and Mortgage Interest Drop Your AGI Dollar for Dollar?

If you're considering switching from renting to owning a home or buying a bigger house, you could be in for a larger tax break because of the tax deductions for property taxes and mortgage interest. However, the effect on your income taxes isn't always as simple as a dollar for ...

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. ...

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