Taxes
- state/local taxes
- property taxes
- payments to mandatory state funds
- foreign income taxes
- ad valorem tax (tax based on value of vehicle)
- state/local sales tax
- sales tax on large items such as vehicles and motor homes
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Interest Expense
- home mortgage interest
- second home mortgage interest
- home equity loan interest
- interest on special assessments
- business interest
- investment interest
- points paid on financing a home
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Charitable Contributions
Cash and property donations are generally deductible if donated to qualified organizations. Qualified organizations include:
- churches
- non-profit schools
- non-profit hospitals
- agencies such as Red Cross, Salvation Army, Goodwill, United Way, etc.
- agencies organized under Sec 501(c)(3) of the Internal Revenue Code – http://www.irs.gov/app/pub-78
Mileage to and from the charity is also deductible.
