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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...

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 2014 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...

Deduction for Mortgage Insurance Premiums (Overview)

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

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...

What is a 1098: Home Mortgage Interest

This form shows you the home mortgage interest that was paid on your home throughout the current tax year. For an example of this form please click on the link below. Form 1098 sample Form 1098 instructions

Kentucky New Home Tax Credit

The New Home Tax Credit is a nonrefundable income tax credit effective July 26th, 2009, and applies to a “qualified buyer” who purchases a “qualified principal residence”. If you completed an Application for New Home Tax Credit (Form...

Tuition and Fees Deduction

You may be able to deduct qualified education expenses paid during the year for yourself, your spouse, or your dependent(s). You cannot claim this deduction if your filing status is married filing separately or if another person can claim...

Deduction for Educator Expenses

If you do itemize your deductions, you cannot claim the same educator expenses as both a Deduction for Educator Expenses and as a deduction for Unreimbursed Employee Expenses. You can only list these expenses as a deduction in one place...

What "Closing Costs" Can I Deduct When Purchasing a Home?

Congratulations on the purchase of your new home! When you purchased your home, you may have paid what is called "settlement" or "closing costs" in addition to the contract price. These costs are typically divided between you...