Tax Deductions You Might Not Have Known About

When filing your taxes this tax season, don’t overlook some of these deductions that could save you lots of money!

Miscellaneous Schedule A Expenses

• Real Estate Expenses
– Mortgage interest
– Mortgage prepayment penalties
– Penalties of early withdrawals
– Points on principal residence financing
– Real estate taxes
• Auto registration fees
• Charitable contributions (cash and non-cash) made to qualified U.S. charities.
• Investment expenses:
– Accounting fees (preparation of tax return)
– Brokerage fees
– Investment fees Legal fees
– Safe deposit box rental
– Interest on margin accounts
• Taxes:
– Ad valorem tax
– Certain special assessments
– Condo or coop maintenance (property tax portion)
– Disability insurance tax (some states)
– Foreign taxes
– Income tax (state and local)
– Occupational taxes
– Personal property tax
– Real property tax
– State transfer tax
– Withholding taxes
•Casualty and theft Losses