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Indiana Insulation Deduction

Indiana no longer allows the insulation deduction effective tax year 2016. You may be able to take this deduction if you installed new insulation in your Indiana home during a prior tax year. Insulation includes weather stripping, double

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

Deduction for Mortgage Insurance Premiums (Overview)

is secured by your first or second home; 2. You pay mortgage insurance premiums for your mortgage; AND 3. The insurance contract was issued in 2007 or later; To enter these in your TaxSlayer account, from the Main Menu select Federal Section

Select the Deduction and enter amount below

claim a deduction of $1,000 for each child residing in their home under permanent foster care, as defined in the Code of Virginia, providing they claim the foster child as a dependent on their federal and Virginia income tax returns. Bone

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 rent paid. To see if your state offers this, you would need to contact your state directly. To locate state contact info

Indiana Homeowner's Residential Property Tax Deduction

home and where you intend to return after being absent. Note: Property tax paid for summer homes or vacation homes is not deductible. IMPORTANT : You cannot claim this deduction for property tax paid in 2016 if you are claiming the Lake County

Investment Interest Expense Deduction (Form 4952)

Form 4952 is used to determine the amount of investment interest expense you can deduct for the current year and the amount you can carry forward to future years. Your investment interest expense deduction is limited to your net investment

Selling Your Home

During the year, many people sell their home and move to a new location. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. This exclusion—up

How do I calculate my deduction for state and local sales taxes?

The IRS allows for a deduction of sales and use tax paid as an option for those who itemize their deductions, letting them choose between deductions for state and local income taxes or state and local sales and use taxes. Taxpayers

Enter the State of your home of record

Your home of record is the state you consider your permanent home even when you are absent. This is usually the state where you joined the military unless you made an official permanent change of home of record with the military pesonnel