Taxes
Tax Deductions
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Can I deduct home office expenses?
If you use part of your home to conduct your trade or business, you might be able to deduct certain related expenses.
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Can I deduct premiums paid for long-term care (LTC) insurance?
Your LTCI contract must be a qualified one, and the total of your medical expenses must exceed 7.5 percent.
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Can I deduct the cost of improvements or repairs I've made to my home?
Generally speaking, you can deduct neither the cost of improvements nor the cost of repairs you've made to your principal residence.
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How do I deduct and substantiate my gambling losses?
You can deduct gambling losses only if you itemize deductions on your federal income tax return.
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I paid my mother's real estate taxes last year. Can I deduct this on my tax return?
A real estate tax can be deducted only by the owner of the property upon which the tax is imposed.
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I refinanced my principal home last year and paid points. What are points, and can I deduct them on my tax return?
If the points are charged for services that the lender provided in preparing or processing the loan, they are not deductible.
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If I prepay next year's taxes this year, can I deduct them this year?
Generally speaking, taxes are deductible in the year you pay them.
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If I work at home occasionally, am I entitled to a home office deduction?
To qualify for an income tax deduction for home office expenses, the IRS requires that you meet two tests.
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Is student loan interest deductible?
You may be able to deduct all or part of the student loan interest you've paid during the year, assuming you meet the requirements.
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My spouse and I are filing separate returns. Can we both itemize our deductions? If so, how do we split the deductions?
When spouses file separately, both must use the same method of claiming deductions.
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My town has assessed against me a real estate betterment for new sewer lines installed in my street. May I deduct this amount on my tax return?
Taxes charged for local benefits and improvements that increase the value of the property are not deductible as real estate taxes.
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We just bought our first home. What can we deduct from the settlement statement?
The only settlement costs you can deduct are home mortgage interest and certain real estate taxes.
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