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
Brenda Buttner currently serves as a senior business correspondent and host of "Bulls and Bears" (Saturdays 10-10:30 a.m. ET) on Fox News Channel (FNC). Based in New York, she joined the network in 2000.