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Category: Standard or Itemized Deductions
46 Articles
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. On the deductions page, go to the "interest you paid", you will be asked to report the amount not reported on the form 1098. Home mortgage interest that was not reported to you on Form 1098 wil...
Orange arrow Charitable Contributions

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  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 Casualty and Theft FMV (Fair Market Value)

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  **Personal casualty and theft losses of an individual sustained in a tax year beginning after 2017 are deductible only to the extent they're attributable to a federally declared disaster. The loss deduction is subject to the $100 per casualty and 10% of your adjusted gross income (AGI) limitations....
Orange arrow How do I enter a deduction for charitable contributions if I am not itemizing deductions on Schedule A?

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  For the 2021 return: Individual tax filers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns. In...
Orange arrow How do I itemize personal property taxes?

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  Personal property tax is deductible if it is a state or local tax that is: Charged on personal property. Based only on the value of the personal property. Charged on a yearly basis, even if it is collected more than once a year, or less than once a year. A tax that meets the abo...
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 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 or 1040-SR. Select the "Deductions" tab, choose to enter itemized deductions. Select START at Medical and Dental Expenses. Select "Add a New" to make your e...
Orange arrow What is Standard Deduction?

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  2021 standard deductions: Single...................................................................$12,550 Married filing jointly. Qualifying widow(er) ........$25,100 Married filing separately .....................................$12,550 Head of household.........................................
Orange arrow Form 4684 - Casualties and Thefts

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  Limitation on personal casualty and theft losses. For tax years 2018 through 2025, if you are an individual, casualty or theft losses of personal-use property are deductible only if the loss is attributable to a federally declared disaster. Personal casualty and theft losses attributable to a feder...
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 2019 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 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 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 or 1040-SR), line 8. • Casualty and theft losses of inco...

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