Yes, you can make this type of deduction on you Federal Individual Income Taxes but this is an Itemized Deduction reported in Schedule A. Schedule A is the form used to itemize all of the deductions that you may be entitled to. Amongst these are Medical Expenses (only the amount above 10% of your AGI is deductible), Property Taxes, Interest Expenses, Donations etc. In order for Schedule A to be beneficial to your Tax Return the sum of deductions contained within must exceed the amount of your Standard Deduction.
- Single $6,300.00
- Married Filing Joint
or Qualified Widow(er) $12,600.00
- Married Filing
Separate $6,300.00
- Head of Household
$9300.00
- Dependent $1,050.00
I have attached a checklist of common Itemized Deductions to help you look for more deductions and maximize you Tax Return.
