It’s almost tax time and here in New York City many prospective purchasers enter the buying frenzy when their accountants advise them that they need the tax deduction that home ownership provides. Aside from the obvious tax deductions that we are all aware of, here are some provided by The Consumerist (via Kiplinger) that shouldn’t be overlooked:
1. State sales taxes.
2. $250 educators’ expenses.
3. College tuition.
4. Student loan interest paid by mom and dad.
5. Out-of-pocket charitable contributions.
6. Moving expense to take first job.
7. Military reservists travel expenses.
8. Child-care credit.
9. Estate tax on income in respect of a decedent
10. State tax you paid last spring.
11. Refinancing points.
12. Reinvested dividends
13. Jury pay paid to employer
Since I am sure that most of you (or at least your accountants) are savvy enough to be aware of all of these and then some, maybe some of you are aware of some additional deductions that may not be so obvious?