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Itemized Deductions, Standard Deduction
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 an education credit on my tax return?
- Last year, my parents and I both took out student loans for me. We both received Form 1098-E for our separate loans. I wasn't their dependent last year. Can we both claim student loan interest on our tax returns?
- I donated a used car to a qualified charity that sold the car immediately after I donated it. I would like to take the charitable contribution as an itemized deduction. Do I need to attach a special form to my return for the donation? What records should I 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 these expenses on my tax return?
- Is interest on a home equity line of credit deductible as a second mortgage?
- Is the mortgage interest and real property tax I pay on a second residence deductible?
- If I must deduct points over the life of my mortgage, and I have a 30-year mortgage, should 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