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Depreciation- Understanding the Basics

Depreciation is a tax deduction that allows the taxpayer a way to recover the cost (or other basis) of certain types of property. The deduction allowance is calculated annually for the wear and tear, deterioration or obsolescence...

Rents and Royalties Schedule E % of Ownership and Depreciation

using MACROS 27.5 years depreciation for the time they own the property. Depreciation is the annual deduction you must take to recover the cost or other basis of business or investment property having a useful life substantially beyond...

When do I qualify to take a deduction for the business use of my home?

If you use your home for work-related issues, you may be able to claim a deduction for the business use of your home. To qualify to claim expenses for the business use of your home, you must use part of your home for one of the...

Business Use of Your Home - What expenses can be deducted?

and general home repairs. Since these are expenses you would pay for the entire home, these are considered indirect expenses. When figuring your deduction, you need to first determine whether the expenses in question are direct or indirect...

Business Use of Home (Overview)

of your home include the business portion of real estate taxes, deductible mortgage interest, rent, casualty losses, utilities, insurance, depreciation, maintenance and repairs. You may not deduct expenses for lawn care in general...

Indiana Renter's Deduction

your true, fixed, permanent, home and where you intend to return after being absent. If you rented a manufactured home or paid rent for your manufactured home, you may claim the renter's deduction if the above requirements are met. Rent paid...

Indiana Insulation Deduction

You may be able to take this deduction if you installed new insulation in your Indiana home during 2014. Insulation includes weather stripping, double pane windows, storm doors and storm windows. To take this deduction the following...

I do not own a home. I rent. Can I deduct the rent I paid?

No. You cannot deduct rent you paid while renting your home on your federal return. Some states offer a deduction for this. To see if your state offers this, you would need to contact your state directly. To locate state contact info

Please explain all of the deductions that are available related to my home.

deduct any qualifying real estate taxes that you paid to state, foreign, or local government agencies (such as your town office, county, parish, or other tax assessor). Mortgage Insurance Paid: Another common deduction related to your home...

How do I add a miscellaneous deduction that is not in TaxSlayer's list?

as an employee Clerical help and office rent in caring for investments. Depreciation on home computers used for investments. Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust. Fees......