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Category: Standard or Itemized Deductions
46 Articles
Orange arrow Casualty and Theft FMV (Fair Market Value)

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  Fair market value (FMV) is the price at which the property would be sold between a willing buyer and a willing seller, each having knowledge of the relevant facts. The difference between the FMV immediately before the casualty or theft and the FMV immediately after represents the decrease in FMV b...
Orange arrow I did not receive a 1098 but I have mortgage interest. How do I claim it?

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  We will fill in the appropriate information for you based on the data you provide during the interview. In the itemized section, it will ask you to report the amount not reported on the form 1098. Home mortgage interest that was not reported to you on Form 1098 will be deducted on line 8b of Sche...
Orange arrow How do I claim business use of my home?

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  Business use of your home. If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. To qualify to claim expenses for the business use of your hom...
Orange arrow Form 8283 Property - Description

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  Information on Donated Property Describe the property in sufficient detail. The greater the value, the more detail you must provide. For example, a personal computer should be described in more detail than pots and pans. For a vehicle, give the year, make, model, condition, and mileage at the tim...
Orange arrow What is Standard Deduction?

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  2018 standard deductions: Single....................................................................$12,000 .......(up from $6,350 in 2017) Married filing jointly. Qualifying widow(er) ............$24,000 .......(up from $12,700 in 2017) Married filing separately .................................
Orange arrow Form 4684 - Casualties and Thefts

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  What’s New: Limitation on personal casualty and theft losses. Personal casualty and theft losses of an individual are deductible only to the extent they're attributable to a federally declared disaster. The loss deduction is subject to the $100 limit per casualty and 10% of your adjusted gro...
Orange arrow How do I itemize medical and dental expenses?

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  You can deduct only the part of your medical and dental expenses that exceeds 7.5% of the amount of your adjusted gross income on Form 1040, line 7. Select the "Deductions" tab, choose to enter itemized deductions. Select START at Medical and Dental Expenses. Select "Add a New" to make your entr...
Orange arrow How do I know if I should itemize my deductions?

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  You would want to itemize if the total of your deductions is a larger dollar figure than the standard deduction. Your standard deduction is determined by which filing status you use. Our program will determine through a series of questions if itemizing is to your benefit. Please Note: When your f...
Orange arrow What business expenses are deductible?

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  To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be consi...
Orange arrow Form 8283 - Noncash Charitable Contributions

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  You must file Form 8283 if the amount of your deduction for all noncash gifts is more than $500. For this purpose, "amount of your deduction" means your deduction before applying any income limits that could result in a carryover. The carryover rules are explained in the 2018 Pub. 526. Make any req...
Orange arrow How do I claim real estate taxes paid?

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  Include taxes (state, local, or foreign) you paid on real estate you own that was not used for business, but only if the taxes are based on the assessed value of the property. Also, the assessment must be made uniformly on property throughout the community, and the proceeds must be used for general...
Orange arrow Medical and Dental Expenses

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  If you itemize your deductions on Form 1040, Schedule A (PDF), you may be able to deduct expenses you paid that year for medical care (including dental) for yourself, your spouse, and your dependents. A deduction is allowed only for expenses paid for the prevention or alleviation of a physical or m...
Orange arrow Itemizing Mortgage Interest and Points Not Reported on a 1098

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  Points and Interest Not Reported on a 1098 If you did not receive a Form 1098 from the recepient, you will need to report your deductible interest in this section. If you bought your 1098 home from the recepient, be sure to show that recepient's name, identifying no., and address. If the recepien...
Orange arrow Other Itemized Deductions

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  Other Itemized Deductions •Gambling losses (gambling losses include, but aren't limited to, the cost of non-winning bingo, lottery, and raffle tickets), but only to the extent of gambling winnings reported on Schedule 1 (Form 1040), line 21. • Casualty and theft losses of income-produci...
Orange arrow How do I claim mortgage interest?

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  If you paid $600 or more of mortgage interest (including certain points) during the year on any one mortgage, you generally will receive a Form 1098, Mortgage Interest Statement, or a similar statement from the mortgage holder, you may complete Schedule A (itemized deductions). You should receive ...

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