Individual taxpayers can generally claim an itemized tax deduction for real property taxes paid on their main or second homes. The property taxes are deducted on Schedule A with Form 1040.
Itemized tax deductions can be reported on Schedule A of a taxpayer's Form 1040 income tax return. This article and video tutorial cover the mortgage interest tax deduction for homeowners.
U.S. taxpayers must report all of their gross income on Form 1040, which includes reporting gambling winnings and losses. This example tutorial looks at how to report those winnings.
Is it possible to deduct the cost of installing a swimming pool in your home? In some cases, if a swimming pool is installed for medical reasons, a portion of the cost may be tax deductible.
U.S. taxpayers may be able to deduct their unreimbursed medical expenses if they itemize their tax deductions. This article and video discusses those rules and how to report them on Schedule A.
In general, taxpayers that purchase a home are allowed to deduct the mortgage interest expense as an itemized tax deduction. In certain cases, interest from a HELOC may also be tax deductible.
When taxpayers borrow funds to purchase investments, the taxpayer may be able to deduct some or all of that investment interest expense. The investment interest expense is an itemized tax deduction calculated on Form 4952.
Schedule A is included with Form 1040 when a U.S. taxpayer wants to itemize their tax deductions instead of claiming the standard deduction. This article and video cover a sample Schedule A with Form 1040.
Many U.S. taxpayers make charitable donations of cash and property during the year. For taxpayers that itemize their tax deductions, they may be able to deduct the fair value of those contributions on their income tax returns.
If a taxpayer suffers property damage, they may be able to deduct the losses as a casualty loss on their federal tax return.
