Tax Tip No. 5: Take it Off!
Tuesday, May 22, 2001
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What can you deduct on your federal income tax return?
You probably know the usual suspects: kids, interest on your mortgage and charitable donations. But here are some deductions you may not know about:
Points paid to buy a home or refinance a mortgage
Home equity loan interest
State and local income taxes
Portion of personal property taxes
Moving expenses due to a job change
Investing losses to offset gains
Gambling losses to offset gains
Medical expenses that add up to 7.5 percent of your adjusted gross income
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