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#1 |
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Rear Admiral Lower Half
![]() ![]() Join Date: Jul 2001
Location: Colorado
Posts: 2,584
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Tax Deductions?
Ok, so I'm in the process of buying my first house, which means that I'm going to be itemizing my return for the first time next year. Does anyone know of a comprehensive list of things that I'll be able to deduct? I'd like to know now so I can make sure to save receipts on anything I need to. For instance, TurboTax reminded me that vehicle registration may be tax deductible, as well as the cost for TurboTax itself. What else should I be looking for?
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#2 |
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Lieutenant Commander
![]() ![]() ![]() ![]() Join Date: Apr 2002
Location: Mission Viejo, CA
Posts: 564
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As far as a house goes, save all your receipts related to the house. A lot of it isn't tax deductible as an owner occupied house, but any improvements you make can be added to the cost of the house when you sell to reduce your gain on the property.
As far as what is tax deductible, the main items are mortgage interest, property taxes, and a home office if you are self employeed. |
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