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Category: Deductions
26 Articles
Orange arrow Charitable Contributions

  You can deduct contributions or gifts you gave to organizations that are religious, charitable, educational, scientific, or literary in purpose. You can also deduct what you gave to organization stat work to prevent cruelty to animals or children. . See Pub. 526 for details. To verify an organizat...
Orange arrow Itemizing Deductions

  You choose to itemize when the total of your deductions is a larger dollar figure than the standard deduction. Your standard deduction is determined by which filing status is used. Here is a list of common itemized deductions with links to more information about them thru the IRS web site. ...
Orange arrow Where to claim mortgage interest paid?

  Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. You can deduct home mortgage interest if all the following conditions are...
Orange arrow Medical and Dental Expenses

  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 Noncash Charitable Contributions and Contributions over $500

  Enter your contributions of property. If you gave used items, such as clothing or furniture, deduct their fair market value at the time you gave them. Fair market value is what a willing buyer would pay a willing seller when neither has to buy or sell and both are aware of the conditions of the sal...
Orange arrow Other Expenses - Schedule A

  Enter the total amount you paid to produce or collect taxable income and manage or protect property held for earning income. But DO NOT include any personal expenses. List the type and amount of each expense in the spaces provided. Examples of expenses to include are: Certain legal and accounti...
Orange arrow Other Miscellaneous Deductions

  Please enter your Other Miscellaneous Deductions listed below by clicking on the appropriate link in the misc. deduction section. Gambling losses, but only to the extent of gambling winnings reported on your Form 1040. Casualty and theft losses of income producing property from Form 4684 or Fo...
Orange arrow Form 2106 - Employee Business Expenses

  Use Form 2106 if you are an employee deducting ordinary and necessary expenses for your job. An ordinary expense is one that is common and accepted in your field of trade, business, or profession. A necessary expense is one that is helpful and appropriate for your business. An expense does not hav...
Orange arrow Job-Expense and Most other Misc. Deduction Questions

  You may deduct only the part of these expenses that exceeds the amount on Form 1040, line 35. OnLine Taxes will do the calculations for you. Enter the full amount of the expense. Examples of Expenses You May Not Deduct Political contributions Personal legal expenses Lost or misplaced cash or...
Orange arrow Investment Interest Expense

  Investment Interest is interest paid on money you borrowed that is allocable to property held for investment. It does not include any interest allocable to passive activities or to securities that generate tax-exempt income. For instructions see Form 4952. Complete the information requested in th...
Orange arrow Form 8283 - Fair Market Value

  Fair Market Value (FMV) Although the amount of your deduction determines if you have to file Form 8283, you also need to have information about the FMV of your contribution to complete the form. FMV is the price a willing, knowledgeable buyer would pay a willing, knowledgeable seller when neither...
Orange arrow Form 8283 Appraisals

  Information on Donated Property You must get a written appraisal from a qualified appraiser before completing Part I. However, see Exceptions, below.   Exceptions. You do not need a written appraisal if the property is: Nonpublicly traded stock of $10,000 or less, A vehicl...
Orange arrow Form 4684 - Casualties and Thefts

  Purpose of Form Use Form 4684 to report gains and losses from casualties and thefts. Attach Form 4684 to your tax return. Losses You May Deduct You may deduct losses from fire, storm, shipwreck, or other casualty, or theft (for example, larceny, embezzlement, and robbery). If your property is ...
Orange arrow Casualty and Theft - Insurance and Other Reimbursement

  Insurance or Other Reimbursements Enter on this line the amount of insurance or other reimbursement you received or expect to receive for each property. Include your insurance coverage whether or not you are filing claim for reimbursement. For example, your car worth $2,000 is totally destroyed ...
Orange arrow Casualty and Theft FMV (Fair Market Value)

  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...

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