Tax Tip No. 5: Take it Off!
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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
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• Home equity loan interest
• State and local income taxes
• Portion of personal property taxes
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• Moving expenses due to a job change
• Investing losses to offset gains
• Gambling losses to offset gains
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• Medical expenses that add up to 7.5 percent of your adjusted gross income