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Income Tax Deductions

Income tax deductions reduce income that is subject to tax. While these deductions come in various forms, most of them are in the form of expenses that were incurred in the production of income. However, they are subject to certain conditions or limitations. Income tax deductions may also differ depending upon the type of income tax that is being filed, such as a business tax return or an individual tax return. Listed below are a few questions answered by the Experts with regard to income tax deductions.

Is it possible to take income tax deductions on top of taking the standard deduction?

This may not be possible. For example, in most cases, you cannot take an income tax deduction for something like travel expenses on top of taking the standard deduction. The only way to do this would be to itemize the deductions. If the standard deduction is taken, no other income tax deductions may be taken along with it.

In the State of California, is it possible to use the cost of licensing a vehicle as an income tax deduction?

In the State of California, it is not currently possible for an individual to use the cost of licensing a vehicle as an income tax deduction. In the years before 1935, the State of California did have a personal property tax on vehicles, which could be used as an income tax deduction. However, after 1935, the State of California got rid of this and established a fee for licensing a vehicle. This fee cannot be considered an income tax deduction. However, if a business is filing their income tax return, any cost for maintaining a vehicle that is solely used for business purposes can be claimed as an income tax deduction. For more information, visit: http://www.dmv.ca.gov/pubs/brochures/fast_facts/

Can a widow or widower claim the interest paid on their mortgage after their spouse has died since they made the payments towards the mortgage although it wasn’t in their name?

If the property was transferred to the widow or widower, they can take the income tax deductions that are available for the taxes and the interest on the home. All expense deductions related to the property can be reported on Schedule A of their tax return.

Income tax deductions are items that may deduct the amount of tax that is owed to the government. Since there are several kinds of tax deductions, an individual may need help in understanding them when filing their returns. In this situation, direct your queries about tax deductions to Tax Professionals on JustAnswer who can offer insights and information to help with your case.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Income Tax Deduction Questions

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    I recently moved to Oregon, and have an UGMA established for a grandson before I moved here. In July a second grandson was born. Both live in Oregon. I understand that there is another way to set up an educational fund for them that has some Oregon tax advantage, but I don't know how to go about doing that. Please let me know if there is such a thing and, if so, how I set it up. Thanks.
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