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55 personal tax deductions


55 personal tax deductions to itemize on your 2012 tax return

 

1. Clothing only required for work that is not appropriate for everyday wear (clothing cleaning expense)


2. Accounting fees for tax preparation services and IRS audits


3. Alcoholism and drug abuse treatment


4. Amortization of premium on taxable bonds


5. Appraisal fees for charitable donations or casualty losses


6. Appreciation on property donated to a charity


7. Casualty or theft losses of personal property


8. Cleaning and laundering services when traveling


9. Commissions and closing costs on sale of property


10. Contact lenses, eyeglasses, and hearing devices


11. Contraceptives, if bought with a prescription


12. Costs associated with looking for a new job in your present occupation, including fees for résumé preparation and employment of outplacement agencies


13. Depreciation of home computers


14. Dues to labor unions


15. Education expenses to the extent required by law or your employer or needed to maintain or improve your skills


16. Employee contributions to a state disability fund


17. Employee’s moving expenses


18. Federal state tax on income with respect to a decedent


19. Fees for a safe-deposit box to hold investments (e. g., stock certificate)


20. Drug test and physical fee associated with employment


21. Fees paid for childbirth preparation classes if instruction relates to obstetrical care


22. Foreign taxes paid


23. Foster child care expenditures


24. Gambling losses to the extent of gambling winnings


25. Hospital services fees (laboratory work, therapy, nursing services, and surgery)


26. Impairment-related work expenses for a disabled individual


27. Repairs to your home


28. Investment advisory fees


29. IRA trustee’s administrative fees billed separately


30. Lead paint removal


31. Legal fees incurred in connection with obtaining or collecting alimony


32. Long-term care insurance premiums


33. Margin account interest expense


34. Medical transportation, including standard mileage deduction and lodging expenses incurred for medical reasons while away from home


35. Mortgage prepayment penalties and late fees


36. Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction


37. Health insurance premiums is self-employed


38. Penalty on early withdrawal on savings


39. Personal liability insurance for wrongful acts as an employee


40. Points on a home mortgage and certain refinancing


41. Protective clothing required at work


42. Real estate taxes associated with the purchase or sale of property


43. Seller-paid points on the purchase of a home


44. Special equipment for the disabled


45. Special schools and separately stated fees for medical care included in tuition


46. State personal property taxes on cars and boats


47. Subscriptions to professional journals


48. Theft or embezzlement losses


49. Trade or business related tools with life of 1 year or less


50. Worthless stock or securities


51. Mortgage loan interest paid


52. College expenses (Books, supplies, tuition Etc.)


53. Out-of-pocket expense for work related training program and seminars


54. Co-payment from a doctor’s visit.


55. Home office expenses



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