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Itemized Deductions, Standard Deductions

Top Frequently Asked Questions for Itemized Deductions, Standard Deductions

  1. My university required each incoming freshman to come to school with their own computer. Is there any way to deduct the cost of the computer from my tax liability?
  2. May I claim both my job-related education expenses (minus 2% of AGI) and one of the education credits on my tax return?
  3. Last year, my parents took out a student loan for me in their name and I also took out a student loan. My parents received Form 1098-E for their loan and I also received Form 1098-E for my loan. Can we both claim the interest from the loans on our tax returns? Last year, I was not their dependent.
  4. I donated a used car to a qualified charity that the charity sold immediately after I donated it. I itemize my deductions, and I would like to take a charitable contribution deduction for the donation. Do I need to attach any special forms to my return? What records do I need to keep?
  5. Is the interest amount that we paid to the IRS deductible?
  6. My father is in a nursing home and I pay for the entire cost. Can I deduct the expenses on my tax return?
  7. Is interest on a home equity line of credit deductible as a second mortgage?
  8. Is the mortgage interest and property tax on a second residence deductible?
  9. If I must deduct points over the life of my mortgage, and I have a 30 year mortgage, does this mean that I divide the points paid by 30 and enter that amount on Schedule A?
  10. My spouse and I are filing separate returns. How do we split our itemized deductions?
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