Useful Info

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

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

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.