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Investment Interest Expense Investment interest expense may be deducted if you itemize deductions, but only to the extent of your net investment income. Use Form 4952 Investment Interest Expense Tax Deduction to deduct margin loan interest or the interest of an investment like an investment …
Second Home Mortgage Interest Tax Deduction Second Home Mortgage Interest is a deduction if you itemize deductions and do not hold it for rent or resale to others at any time during the year. You do not have to use the home during the …
Home Equity Loan, a loan for reasons other than to buy, build, or substantially improve your home, may qualify for mortgage interest deduction. In addition, loans you receive to buy, build, or substantially improve your home, to the extent they are more than the home …
Alimony received and alimony paid are both reported on Form 1040 of your income tax return. Child support is never reported by the payer or the payor. Commonly asked questions are: If I get a divorce, will I have to …
Dividends Dividend income is taxable dividend income reported to you on Form 1099-DIV. Stock dividends and dividend income are distributions from corporations of money, stock, or other property due to your ownership of shares in the corporation. Corporate dividends are …
Interest Income Taxable Interest income is taxable income usually from a Form 1099-INT earned from various investments. Interest income may be earned from bank accounts, money market accounts, certificates of deposit, Treasury bills, notes, bonds, cooperative banks, credit unions, loan …
Non Cash Donations, such as clothing, household items, cars, boats, and airplanes, may be deducted on your income tax return if you itemize deductions and donate them to a qualified organization. However, you should keep substantiation for all non-cash donations and …
Wages, salaries and other compensation are reported as taxable income on Line 7 of you Form 1040 income tax return. Wages and salaries are reported to you from Box 1 of your Form W-2 form from your employer. If you …
Medical Expenses are the costs of prevention, diagnosis, and treatment of disease. They include payments for legal medical services by physicians, surgeons, dentists, and other medical practitioners. In addition, remember necessary costs of equipment, supplies, and diagnostic devices. You must be able …
Home Mortgage Interest may be deducted on Schedule A Form 1040 if you itemize deductions instead of taking the standard deduction for your filing status. Taxpayers should deduct their home mortgage interest, ordinary points, and after 2006 even home mortgage …