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For Sale by Owner Articles • Owners.com - Money and Credit

Overlooked Deductions

The following list, reproduced from the Ernst & Young Tax Guide 1998, is a reminder of some deductions you can easily overlook when you prepare your return. It is not intended to be all-inclusive, nor applicable to everyone. The circumstances of your situation will determine whether you qualify. (See the page reference following each item for a complete explanation.)
Accounting fees for tax preparation services and IRS audits (p. 438)
Alcoholism and drug abuse treatment (p. 324)
Amortization of premium on taxable bonds (p. 438)
Appraisal fees for charitable donations or casualty losses (p. 363)
Appreciation on property donated to a charity (p. 363)
Casualty or theft losses (p. 371)
Cellular telephones (p. 430)
Cleaning and laundering services when traveling (p.393)
Commissions and closing costs on sale of property (p. 210)
Contact lenses, eye glasses, and hearing devices (p. 324)
Contraceptives, if bought with a prescription (p. 324)
Costs associated with looking for a new job in your present occupation, including fees for resume preparation and employment of outplacement agencies (p. 434)
Depreciation of home computers (p. 437)
Dues to labor unions (p. 435)
Education expenses to the extent required by law or your employer or needed to maintain or improve your skills (p. 419)
Employee contributions to a state disability fund ( p. 335)
Employee's moving expenses (p. 296)
Federal estate tax on income with respect to a descendent (p. 439)
Fees for a safe-deposit box to hold investments (e.g., stock certificate) (p. 436)
Fees paid for childbirth preparation classes if instruction relates to obstetrical care (p. 325)
Fixing up expenses associated with the sale of a home (p. 243)
Foreign taxes paid (p. 335)
Foster child care expenditures (p. 189)
Gambling losses to the extent of gambling gains (p. 439)
Hospital services fee (laboratory work, therapy, nursing services, and surgery) (p. 324)
Impairment-related work expenses for a disabled individual (p.325)
Investment advisory fees (p. 437)
IRA trustee's administrative fees billed separately (p. 438)
Lead paint removal (p. 324)
Legal abortion expenses (p. 324)
Margin account interest expense (p. 354)
Legal fees incurred in connection with obtaining or collecting alimony (p. 437)
Medical transportation, including standard mileage deduction (p. 000) and lodging expenses incurred for medical reasons while away from home (p. 324)
Mortgage prepayment penalties and late fees (p. 345)
Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction (p. 360)
Part of health insurance premiums if self-employed (p. 506)
Penalty on early withdrawal of savings (p. 121)
Personal liability insurance for wrongful acts as an employee (p. 322)
Points on a home mortgage and certain refinancings (p. 346)
Protective clothing required at work (p. 435)
Real estate taxes associated with the purchase or sale of property (p. 340)
50% of self-employment tax (p. 7)
Seller-paid points on the purchase of a home (p. 347)
Special equipment for the disabled (p. 325)
Special schools and separately stated fees for medical care included in tuition (p. 325)
State personal property taxes on cars and boats (p. 339)
Subscriptions to professional journals (p. 430)
Theft or embezzlement losses (p. 374)
Trade or business tools with life of 1 year or less (p. 435)
Worthless stock or securities (p. 222)

Because the materials covered in this article are complicated, this article should not be regarded as offering a complete explanation and should not be used for making decisions. Any suggestion should be reviewed with your personal financial and tax advisor.

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