Category Archives: itemized deductions

Deducting Casualty Loss or Theft

Generally, taxpayers may deduct casualty and theft losses relating to your home, household items and vehicles on their federal income tax return. The IRS would like taxpayers who experience certain types of major personal casualties recover some of their losses through tax savings. If a fire, theft, vandalism, earthquake, storm, floods, terrorism, or similar event damages… Read More »

Information about miscellaneous itemized deductions

Learning About Miscellaneous Itemized Deductions There are several different types of deductions available to taxpayers on their tax returns. Along with these different types of deductions are different rules and eligibility requirements will have to be considered before taking a tax deduction. One particular type of expense is classified as a “miscellaneous itemized deduction.” Taxpayers can elect… Read More »

Deductible Legal Fees in Divorce

How to deduct legal fees in divorce? Legal fees in connection with a divorce or separation are treated specially for tax purposes. The overall rule regarding the deductibility of legal fees in divorce are that general legal fees relating to a divorce or separation are nondeductible personal expenses. However, with careful planning and careful documentation… Read More »