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Section 179 Deduction Limitations

Taking the Section 179 election allows the taxpayer to elect to deduct the total cost of the property purchased in lieu of depreciating the property over the life value. Your section 179 deduction is generally the cost of the qualifying...

Non-Indiana Locality Earnings Deduction

You may be allowed a deduction if you have income being taxed by a locality (local governmental unit) located in another state. A "locality" could be a city, county, parish, etc. Example : You earned wages in Louisville, KY. Your employer...

What are the qualifications for the Student Loan Interest Deduction?

You can generally take the student loan interest deduction if all of the following apply: You paid interest during the tax year on a qualifying student loan. Your filing status is not married filing separately. You are legally obligated...

Indiana Homeowner's Residential Property Tax Deduction

You may be able to take a deduction of up to $2,500 of the Indiana property taxes (residential real estate taxes) paid on your principal place of residence. Your principal place of residence is the place where you have your true, fixed...

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 State and Local Income Taxes

applied to this year's state taxes would qualify for a deduction on your federal return. Mandatory contributions you made to the California, New Jersey, or New York Non occupational Disability Benefit Fund, Rhode Island Temporary Disability...

Deduction for Mortgage Insurance Premiums (Overview)

Mortgage Interest and Expenses. Once you are done entering any mortgage interest that you paid, you will be taken to the Schedule A Interest menu where you can select PMI Deduction . Where can I find the deductible amount? In most cases, you...

Limitations on your deduction for Charitable Contributions

If your charitable contributions meet one of the following conditions, the amount of your deduction may be limited: Your cash contributions of ordinary income property are more than 30% of your AGI. Your gifts of capital gain property...

What Personal Property Taxes qualify for a deduction?

The IRS will allow you to deduct certain state and local taxes you paid during the year on personal property ( such as a car or a boat ). To be deductible, the tax must be charged to you and must have been paid during the tax year. Deductible personal property taxes are...

Calculating my deduction for an Early Withdrawal Penalty

The Form 1099-INT or Form 1099-OID you received will show the amount of any penalty you were charged. You can locate your penalty on Form 1099-INT in box 2 and on Form 1099-OID located in box 3. If you have received more than one form you can add the different amounts t...