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Common Tax Deductions

The Internal Revenue Code includes an array of provisions that provide individuals a tax deduction for the personal expenses they incur during the year. Each deduction has separate guidelines and requirements that you must satisfy. Many of these tax benefits are only available to those taxpayers eligible to itemize deductions on the Schedule A attachment to IRS Form 1040.

Mortgage Interest (Form 1098)

If you purchase a home or make permanent improvements to it using mortgage funds, you may deduct the interest payments you make on the loan during the tax year, which are usually reported to you by the bank on Form 1098. To qualify for the deduction, the mortgage agreement must provide the lender with a security interest in a qualified home. This security interest must allow the lender to foreclose on the home and use the proceeds from a sale to satisfy all or part of your outstanding mortgage obligation. The tax laws define a qualified home as the main home you use as the principal residence, plus one additional home of your choice. The mortgage interest deduction does not cover the interest payments you make on a credit card or personal loan that you use to subsidize the purchase of a home.

Real Estate Tax Deduction

Homeowners also receive a reduction in tax for the amount of state and local property taxes they pay during the year. The deduction includes only those taxes that the local government imposes based on the home’s assessed value on all property within its jurisdiction at a uniform rate. Your eligibility to deduct the taxes also depends on how the local government uses the revenue. The funds it raises from property taxes must be for the welfare of the general public and not raised or earmarked for specific purposes.

Schedule A Charitable Contributions

To promote charitable giving, the federal government authorizes taxpayers to claim a deduction equal to the value of property and cash they donate to qualified organizations during the year. A qualified organization is a nonprofit institution that operates for no other purpose than to promote literary, educational, humanitarian, scientific, charitable and religious causes. The IRS requires taxpayers to assess the fair market value of any property donations they make. Though no specific valuation method is required, the IRS warns that the value must reasonably relate to the price a buyer is willing to pay for the property on the open market. Gross overstatements of value that inflate the deduction amount are subject to an array of tax penalties ranging from 20 to 40 percent of the resulting tax underpayment.

Standard Deduction

The deductions for charitable contributions, mortgage interest and property tax are only available to taxpayers eligible to itemize. This requires you to have sufficient total deductible expenses during the year in excess of the prevailing standard deduction amount. The federal government predetermines a standard deduction for each taxpayer filing status. For example, if you are a single taxpayer and during 2009 the only deduction you have eligible for itemization is $3,000 in mortgage interest; it behooves you to claim the standard deduction of $5,700 to maximize your tax savings.

References:
IRS Publication 936-Home Mortgage Interest Deduction
IRS Publication 526-Charitable Contributions