Tax Deductions
A tax deduction reduces the amount of income that is subject to taxation by federal and state governments. View the current standard deduction amounts and other tax deduction information.
Tax Basics
Latest Tax Deduction Articles
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How alimony payments affect your taxes when you’re the payee or the payer
Do you pay or receive alimony payments? If so, pay attention to these tax rules.
2 min read Dec 16, 2021 -
Mileage deduction amounts for 2016 and 2017 go down instead of up
The IRS cut mileage deductions in each of the last two years due to declining costs.
1 min read Jan 27, 2020 -
7 milestones in life that trigger taxes: Birth, marriage, work, homeownership and more
Those big events in your life have tax consequences — some good, some bad.
6 min read Dec 16, 2021 -
Get disaster relief from the IRS
Victims of Hurricane Matthew or other disasters may claim losses early to get cash.
7 min read Dec 08, 2020 -
IRS rejected my claim for Dad as an exemption on my return. How do I fix this?
You tried to take an exemption on your father, but the IRS said no. Find out why.
3 min read Mar 03, 2022 -
Tax rules on renting your vacation home
Want to put your vacation home to work? Rent it. Just make sure you follow the IRS rules.
5 min read Apr 27, 2022 -
Investor can take depreciation expense and other deductions for rental property
You can’t write off your mortgage payments, but there are other tax breaks.
3 min read Sep 28, 2021 -
Know the tax rules when claiming head-of-household filing status
You must be considered ‘unmarried’ to file as head of household. Here’s what that means.
3 min read Oct 22, 2019 -
Claiming a dependent parent who draws Social Security on my tax return
You can’t write off your Mom’s income, but you may be able to claim her as a dependent.
2 min read Jul 07, 2020 -
Capital loss carryover rules for long-term capital asset loss of $100,000
You can carry over losses on certain capital assets forever, but it’s not simple.
2 min read Dec 08, 2020 -
Your foreign stepchildren may be qualifying relatives for tax purposes
You may be able to claim exemptions for your stepchildren from Mexico. Here’s how.
3 min read Dec 21, 2020 -
8 foolhardy, silly and outrageous tax deductions: Bankrate’s 2016 edition
Some taxpayers actually try to write off things like tattoos and dance lessons.
5 min read Oct 20, 2021 -
Can I defer passive activity loss to next year if earnings are too high?
You can only deduct real estate losses to offset gains, but there are a couple of exceptions.
2 min read Oct 20, 2021 -
Capital losses can help cut your tax bill
Taking a loss can pay off at tax-filing time, as long as you sell by the end of the tax year.
4 min read Oct 22, 2019 -
Cut taxes with early mortgage payment
Cut your tax bill by paying your January mortgage and property taxes in December.
3 min read Oct 21, 2022 -
Tax exclusion for savings bonds simplified
Plan to tap savings bonds to pay for education? Avoid getting schooled by the taxman.
2 min read Dec 17, 2020 -
Tax help for business, pleasure trips
A vacation can be even more satisfying when you get financial help via the tax code.
4 min read Jan 12, 2021 -
Tax breaks dead until Congress revives them
More than 50 tax provisions have expired. Will Congress renew them?
3 min read Apr 16, 2022 -
Can I claim damage in our house as a casualty loss?
If you meet the IRS criteria for a casualty loss, you can claim it. But there are hurdles.
2 min read Jul 07, 2020 -
Home sweet homeowner tax breaks
Owning a home offers lots of benefits, including ways to reduce your tax bill.
7 min read Dec 10, 2020