Can property taxes be claimed on income tax?

Answer According to the Internal Revenue Service (IRS), both real estate and personal property taxes are deductible. To take advantage of this, you must itemize deductions, using Form 1040 and Schedule A,... Read More »

Top Q&A For: Can property taxes be claimed on income tax

Do Avon sales have to be claimed on income taxes?

Earnings from selling Avon cosmetics may be subject to federal income tax if your profit is $400 or more for the year. However, profit is considered the amount you sell to customers, minus the cost... Read More »

A List of Items That Can Be Claimed on Income Taxes?

According to Kiplinger's Magazine, every year there are a number of taxpayers who overpay their taxes and do not claim all of the deductions that they are entitled to. It literally pays to do a lit... Read More »

How much per mile can be claimed on federal income taxes?

Miles driven for charity are 14 cents per mile. However, driving for flood-related charity was 36 cents per mile before July 1, 2008, and 41 cents after. Driving to the doctor is 24 cents per mile ... Read More »

What does acquisition or abandonment of secured property mean on my income taxes?

Acquisition and abandonment of secured property refers to reportable income that results from forgiven debt. It is important to note, however, that forgiven and canceled debt is not always reportab... Read More »