Can I Take A Deduction For The Interest I Paid On My Student Loan?

Other Tax Deductions FAQs

• Q: What Is Itemizing And Is It Beneficial To Me?
  A: "Itemizing" is listing on Form 1040 Schedule A all amounts you paid during the year for certain items such as medical and dental care, state and local income … More
• Q: My Mother Is In A Nursing Home And I Pay For The Entire Cost. Can I Deduct This On My Tax Return?
  A: You may deduct qualified medical expenses you pay for yourself, your spouse, and your dependents, including a person you claim as a dependent under a Multiple Support … More
• Q: I Paid My Mothers Real Estate Taxes Last Year. Can I Deduct This On My Tax Return?
  A: Generally not, you can usually only deduct taxes that are imposed on you.
• Q: I Refinanced My Home Last Year And Paid Points. Are They All Deductible This Year?
  A: No. Points paid solely to refinance your home mortgage cannot be deducted in the year paid. Instead, they must be deducted over the life of the loan.
• Q: I Donated A Used Couch To A Qualified Charity. Do I Need To Attach Any Special Forms To My Return To Take A Deduction For A Charitable Contribution?
  A: You must fill out Section A of IRS Form 8283, Non­cash Charitable Contributions, if your total deduction for all non­cash contributions is more than $500. If … More
• Q: Our House Caught Fire This Last July. Can We Claim A Loss On Our Income Tax Return?
  A: If you lose property through casualty or theft, you may be entitled to a tax deduction. A casualty is the damage, destruction, or loss of property resulting from an … More
• Q: I Went Through A Divorce Last Year And Paid A Lot Of Legal Fees. Are These Deductible On My Tax Return?
  A: Legal fees for the divorce itself and for property settlement are not deductible, however, legal fees to collect taxable income, such as alimony, are deductible as … More
• Q: I Use Part Of My Living Room As An Office. Can I Take A Deduction For Business Use Of My Home?
  A: In general, if you use a part of your home for both personal and business purposes, no expenses for business use of that part are deductible. Exceptions apply for … More
• Q: What Are The Standard Mileage Rates For 1998, 1999, And 2000?
  A: For 1998, the standard mileage rate is 32.5 cents a mile for all business miles. The higher rate for U.S. Postal Service employees with rural routes has been repealed. … More
• Q: Are There Limits On The Amount Deductible For Meals On A Business Trip?
  A: Meal expenses are deductible only if your trip is overnight or long enough that you need to stop for sleep or rest to properly perform your duties. Generally, the … More