What are the items that you can use as a tax write-off?

Answer by  flamiss22 (5081)

Anything that can be used in helping you attain employment. For instance work boots, work shoes, educational instructional material, equipment used to help finding a job, using your vehicle to look for a job/

Answer by  Chaneygirl (1755)

Real estate taxes on property you own, mortgage interest, donations including noncash items, investment interest, medical insurance, prescriptions, payments to doctor/dentist, unreimbursed employee expenses, tax prep, medical & charitable mileage.

Answer by  Chaneygirl (1755)

Medical expenses including: doctor, dentist, hospital, prescription drugs. Mortgage interest on your 1st & 2nd homes, investment interest, real estate taxes on all real estate you own, state income taxes, personal property taxes,sales taxes, gambling loss (up to winnings), college tuition, employee expenses not reimbursed, investment fees, lawyer fees if tax related, casualty losses, ira fees paid outside of ira

Answer by  patti (29325)

The list of items that may be used as a write-off is extensive, but it is also complicated. Some write-offs require specific circumstances while others do not. Questions about the complexities of tax filing should be directed at a tax professional.

Answer by  Att4372 (1704)

For personal income, any deduction listed on Schedule A. For business, rental, or investment income, any expenses directly related to generating that income. Typically, business income is offset by ordinary and necessary expenses, plus amortization of capital expenses. Rental income is offset by property expenses and depreciation. Investment income is offset by investment interest.

Answer by  Att4372 (1704)

Costs that create taxable income can be used to offset that income. Also, specific items authorized by Congress can be write-offs (examples, charitable contributions, certain retirement savings, and mortgage interest).

Answer by  trdimc2009yahoocom (171)

Some tax write-offs are first-time homebuyers credit, state sales taxes, Oout-of-pocket charitable contributions, student-loan interest paid, moving expenses to take your first job and child-care credit.