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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.
I have attached a checklist of common Itemized Deductions to help you look for more deductions and maximize you Tax Return.
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.
I have attached a checklist of common Itemized Deductions to help you look for more deductions and maximize you Tax Return.
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