Deducting Tuition and Related Fees as Medical Expenses
Key provisions of the Internal Revenue Code pertaining to the deductibility of tuition and related fees as medical expenses are discussed. The article discusses the need for the taxpayer to show that the attendee had a medical need for the school's resources and that the program was intended ...
In other words, if you borrowed money from your HELOC to pay off credit card debt or medical expenses, you cannot deduct the interest on that debt because it wasn't used for the home.2 Categories of Mortgage Debt The IRS outlines three categories of mortgage debt. If your mortgage debt...
Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and loca...
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or...
There are some property tax expenses for which you can’t claim as a tax deduction. You can’t claim any portion that pays for services provided directly to your property, such as for tax collection, or flat fees that are charged by your local government, like a fine for not mowing your...
If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit of up to 35 percent of qualifying expenses of $3,000 ($1,050) f