What Closing Costs Can I Deduct from my Income Tax?

Answer Closing costs paid when purchasing a home are comprised of several charges. At closing the buyer receives a sheet that itemizes these expenses. The settlement sheet is vital for tax preparation a... Read More »

Top Q&A For: What Closing Costs Can I Deduct from my Income Tax

How to Deduct Closing Costs on Taxes?

Closing costs are comprised of various fees for services associated with the purchase of a new home such as real estate taxes, homeowners insurance, title searches and title insurance fees, real es... Read More »

List of What to Deduct From Minnesota Income Tax?

All federal income tax deductions flow through to your Minnesota Income Tax. The Minnesota form does not even ask for gross income, only the amount of your federal adjusted gross income. Minnesota ... Read More »

Can you deduct sales tax from your income tax?

On One Hand: Deducting Sales Taxes Can Save MoneyAs of 2010, sales tax may be deducted on a federal income tax return if the filer itemizes deductions on Form 1040, Schedule A. The filer may deduct... Read More »

Can you deduct garnishments from your income taxes?

No. Tax law regards all income earned by you as taxable even if your employer withholds any amount to pay outstanding debts. You must pay income tax on the full amount you would have received prior... Read More »