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Itemized Deductions, Standard Deductions
Top Frequently Asked Questions for Itemized Deductions, Standard Deduction
- My university required each incoming freshman to come to school with their own computer. Is there any way to deduct the cost of the computer from my tax liability?
- May I claim both my job-related education expenses (minus 2% of AGI) and one of the education credits on my tax return?
- Last year, my parents took out a student loan for me in their name and I also took out a student loan. My parents received Form 1098-E for their loan and I also received Form 1098-E for my loan. Can we both claim the interest from the loans on our tax returns? Last year, I was not their dependent.
- I donated a used car to a qualified charity that the charity sold immediately after I donated it. I itemize my deductions, and I would like to take a charitable contribution deduction for the donation. Do I need to attach any special forms to my return? What records do I need to keep?
- Is the interest amount that we paid to the IRS deductible?
- My father is in a nursing home and I pay for the entire cost. Can I deduct the expenses on my tax return?
- Is interest on a home equity line of credit deductible as a second mortgage?
- Is the mortgage interest and property tax on a second residence deductible?
- If I must deduct points over the life of my mortgage, and I have a 30-year mortgage, does this mean that I divide the points paid by 30 and enter that amount on Schedule A?
- My spouse and I are filing separate returns. How do we split our itemized deductions?
Frequently Asked Question Subcategories for Itemized Deductions, Standard Deduction
- Autos, Computers, Electronic Devices (Listed Property)
- Education & Work-Related Expenses
- Gifts & Charitable Contributions
- Interest, Investment, Money Transactions
- Medical, Nursing Home, Special Care Expenses
- Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)
- Other Deduction Questions