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Tax Deductions

Featured Project

Tax Deductions for Disaster-Related Losses

Tax Deductions for Disaster-Related Losses

Special tax deductions for disaster-related losses can benefit homeowners hit by federally declared disasters. Read More

Progress $ K
Save Money Med $363 (on $100,000 AGI)
Effort Med 1 wk (paperwork)
Investment Med $500-$3,000 (tax-prep fees)
Added to Binder
For rent sign in front of mailboxes

Tax Deductions for Rental Homes

While being a landlord certainly has its cons, tops among its pros are the tax deductions for rental homes enjoyed by owners. Read More

Progress $ K
Save Money High $750 (on $100,000 MAGI)
Effort High 4 hrs/wk (manage rental)
Added to Binder
Home tax deductions for medical reasons

Medical Tax Deductions for Home Improvements

You might be able to claim tax deductions for home improvements made for medical reasons if you itemize and your expenses are sizable. Read More

Progress K
Effort Low 2 hrs (review IRS Pub. 502)
Added to Binder
Couple preparing for tax return

Tax Tips for Homeowners Looking Ahead to 2010 Returns

From energy tax credits to vacation home deductions, check out these tax tips for homeowners looking ahead to 2010 returns. Read More

Progress $ K
Save Money High $1,500 (energy tax credit)
Effort Low 1 day (2010 tax planning)
Investment Low $0 (IRS Publication 17)
Added to Binder
Couple looking at receipts for 2009 tax return

Tax Tips for Homeowners Preparing 2009 Returns

Follow these tax tips for homeowners to ensure that you receive all of the tax deductions and tax credits to which you’re entitled. Read More

Progress $ K
Save Money High $1,500 (energy tax credit)
Effort Low 1 day (prepare return)
Investment Low $29.95 (basic tax software)
Added to Binder
Man shopping for windows for historic preservation

Tax Incentives for Historic Preservation

Tax incentives, including credits, deductions, and easements, are available for historic preservation, but the rules can be complicated. Read More

Progress $ K
Save Money High $500 tax credit/$2,500 spent
Effort High 60 days (initial review)
Investment High $10,000 (fees, consulting)
Added to Binder
House destroyed by storm

Tax Deductions for Disaster-Related Losses

Special tax deductions for disaster-related losses can benefit homeowners hit by federally declared disasters. Read More

Progress $ K
Save Money Med $363 (on $100,000 AGI)
Effort Med 1 wk (paperwork)
Investment Med $500-$3,000 (tax-prep fees)
Added to Binder
Vacation house with dock

Tax Deductions for Vacation Homes

Tax deductions for vacation homes vary greatly depending on how much you use the home and whether you rent it out. Read More

Progress $ K
Save Money Med $488 (on $100,000 AGI)
Effort Med 2 hrs/wk (manage property)
Added to Binder
Woman reviewing PMI documents

Deduct Private Mortgage Insurance

Homeowners who are eligible to deduct private mortgage insurance, or PMI, premiums can shave hundreds of dollars off their income tax bills. Read More

Progress $ K
Save Money Med $438/yr (on $100,000 AGI)
Effort Low 1 hr (calculate LTV)
Investment Low $50-$100/mo (PMI premium)
Added to Binder
A capital improvement increases your home's value

Tax Breaks on Capital Improvements to Your Home

Keeping track of the cost of capital improvements to your home can really pay off on your tax return when it comes time to sell. Read More

Progress $ K
Save Money High $3,750 (cap-gains tax)
Effort Low 1 hr/mo (file receipts)
Investment Low $0
Added to Binder
alt tag

Tax Deductions When You Work from Home

Working from home can offer many advantages including tax deductions, just take care what you try to write off for your home office on your return. Read More

Progress $ K
Save Money Med $113 (on $100,000 AGI)
Effort Low 1 hr/wk (paperwork)
Investment Low $0
Added to Binder
Tax Deductions More Tax Deductions Articles
Home Office Deductions

A home office may allow you to write off:

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Qualify for Deductions

Save money on taxes by exploring all your options for deductions.

Project Money Saved
Tax Deductions for Rental Homes $750 (on $100,000 MAGI)
Tax Tips for Homeowners Looking Ahead to 2010 Returns $1,500 (energy tax credit)
Tax Tips for Homeowners Preparing 2009 Returns $1,500 (energy tax credit)
Tax Incentives for Historic Preservation $500 tax credit/$2,500 spent
More Tax Deductions Articles