Thursday, July 29, 2010

What can you itemize besides mortgage interests and the common things that are listed on the irs website?

I am in serious debt with the IRS. We owe every single year, as we have no dependants. I am now filing single zero, but fear I may never catch up from the 15K we already owe. What else can we itemize besides our student loan and mortgage intersts?What can you itemize besides mortgage interests and the common things that are listed on the irs website?
I'm only answering because the first answerer couldn't be more wrong.





Get tax software (like TaxCut) and do your taxes. It shows you everything that you can deduct. Alternatively you could go through IRS publications on the IRS website.What can you itemize besides mortgage interests and the common things that are listed on the irs website?
Medical expenses (subject to limitations), state income taxes, property taxes, real estate taxes, mortgage interest, investment interest, contributions (cash and non-cash), casualty losses, some misc.deductions like tax preparation, employee business expenses, safe deposit box, investment fees, IRA fees.


Try to settle with the IRS or see if you can get on a payment plan. If they put on one, DON'T default.

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