Are Points Tax Deductible?

Are Points Tax Deductible?
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) Points. Origination fees. Maximum loan charges. Loan discount. Discount points. Sometimes, when I look at the number of phrases in the Real Estate industry has that mean the same thing, ...

Can I Deduct Those Ridiculous Mortgage Insurance Premiums?

Can I Deduct Those Ridiculous Mortgage Insurance Premiums?
(NOTE: if you’re looking for a list of itemized deductions, go back to the 1040 summary page here) When we bought our first house, the payments that frustrated me more than cat trying to catch a laser pointer were the Mortgage Insurance Premiums. While all the other payments felt more or less justified, Mortgage Insurance came as a punishment. I could ...

Mortgage Interest Deduction 2014

Mortgage Interest Deduction 2014
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) Let’s be honest for just one minute, me to you: there’s more deductions out there than dog pee spots on my carpet (which is a friggin’ ton), yet almost all ...

Sales Tax Deduction 2014

Sales Tax Deduction 2014
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) Before I begin talking about the General Sales Tax Deduction on the Schedule A, I should mention that technically there’s no sales tax deduction in 2014. That doesn’t mean there won’t ...

State and Local Tax Deduction

State and Local Tax Deduction
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) So you want to take a State and Local Tax deduction, huh? Good. It’s really pretty simple for the vast majority of people. Just take a look at your W-2, ...

Personal Property Tax Deduction: You’re Doing It Wrong

Personal Property Tax Deduction: You're Doing It Wrong
Hello everyone! I’ve had a nice break from writing about taxes this past month, but I’m finally ready to get back on that horse (though writing about taxes would probably be better described as getting on a mule or, better yet, an ass). I’m picking up where I left off on my personal tax deduction ...

One Tax Lowers the Other — Real Estate Tax Deduction

One Tax Lowers the Other -- Real Estate Tax Deduction
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) Real estate taxes are a great way for your local government to remind you that you’ll never completely own your house. Those local government services do have to be paid ...

The Itemized Deduction – Its Benefits and Limitations

The Itemized Deduction - Its Benefits and Limitations
(NOTE: if you’re looking for a list of itemized deductions, go back to the 1040 summary page here) The term itemized deduction is thrown around in comment sections and news articles like its a delicious ball of cotton candy, ready to be plucked by whoever is willing to pull off a handful. The reality is that there’s ...

Personal Exemption — A Random Extra Deduction

Personal Exemption -- A Random Extra Deduction
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) Many people believe that tax law is an illogical hodge podge of rules that a carousel of politicians have pushed for their own career aspirations gain. About 70% of the time I disagree with that assessment. The ...

Tuition Tax Deduction – Getting That 5% Cash Back

Tuition Tax Deduction - Getting That 5% Cash Back
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) I’m at that great time of my life where I have all my college tuition and fees paid off, and my kids aren’t yet sucking my wallet dry for their own education. I know it won’t ...