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Personal Deductions

Personal deductions refer to the reduction in the taxable income of an individual when they files for their personal returns. Sometimes, these deductions can reduce an individual’s tax liability considerably. One may benefit a lot if the individual is aware of how they may qualify for these deductions and how they can claim them. Given below are some of the most commonly asked questions about personal deductions by the Experts.

What are the different things that an individual may deduct while filing his/her tax returns?

The IRS may not have a list of things as such that an individual may deduct while filing his/her returns. The deductions may depend on whether the individual is an employee of a company or self-employed, whether he/she wants to claim personal deductions or business deductions, etc. Some of the most common things that an individual may claim as deductions are given on the following link: http://www.taxgaga.com/pages/c-taxresources/dir-taxdeductions.html. The laws and rules about these deductions may change from time to time. Hence, it is very important for an individual to be aware of the latest laws and updates of the IRS on exemptions and deductions.

Is there an industry standard tax deduction that an individual may claim while filing his/her tax returns?

An individual may claim industry standard tax deduction if he/she is filing his/her personal tax. In such a situation, the individual may have the option of either claiming standard deduction or itemizing his/her deductions. He/she may not claim standard deduction if he/she files taxes for his/her business.

Can an individual carry forward any excess deductions on 1040 Schedule A to the following year if they are more than the adjustable gross income?

An excess deduction on an individual’s personal tax returns may be called net operating loss. This may be carried backward or forward by the individual if it is more than the adjustable gross income.

Will an individual be eligible for spousal deduction if they get married just before the end of the year?

An individual may get spousal deduction for the entire year even if he/she gets married one day before the end of the year.

Where would an individual list deductions related to his/her rental property while filing his/her tax returns?

An individual may list deductions related to his/her rental property on Schedule E while filing his/her returns. This schedule may not be used for any other personal expenses and may not be connected to the standard deductions either. The individual may list his/her other personal expenses on Schedule A.

Would an individual’s passive activity losses be affected by his/her itemized personal deductions?

In most situations, an individual’s passive activity losses may not be affected by his/her itemized personal deductions. These losses may only be limited to the passive activity income.

An individual may prorate his/her interests and taxes on his/her primary residence as itemized deduction on the Schedule E while filing his/her returns. He/she may also add a note on his/her returns explaining how the expenses are allocated.

Personal deductions can be difficult to understand on one’s own. It is important for you to be aware of the various aspects of these deductions and how they may benefit you. You may consult an Expert if you have any questions or doubts about these deductions.

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