Deductions

Deductions

Code Sections about Deductions

  • Sec. 67. 2-percent floor on miscellaneous itemized deductions
  • Sec. 68. Overall limitation on itemized deductions
  • Sec. 151. Allowance of deductions for personal exemptions
  • Sec. 161. Allowance of deductions
  • Sec. 211. Allowance of deductions
  • Sec. 241. Allowance of special deductions
  • Sec. 246. Rules applying to deductions for dividends received
  • Sec. 261. General rule for disallowance of deductions
  • Sec. 277. Deductions incurred by certain membership organizations in transactions with members
  • Sec. 464. Limitations on deductions for certain farming
  • Sec. 465. Deductions limited to amount at risk
  • Sec. 470. Limitation on deductions allocable to property used by governments or other tax-exempt entities
  • Sec. 482. Allocation of income and deductions among taxpayers
  • Sec. 642. Special rules for credits and deductions
  • Sec. 671. Trust income, deductions, and credits attributable to grantors and others as substantial owners
  • Sec. 804. Life insurance deductions
  • Sec. 805. General deductions
  • Sec. 809. Reduction in certain deductions of mutual life insurance companies – REPEALED
  • Sec. 873. Deductions
  • Sec. 874. Allowance of deductions and credits
  • Sec. 1358. Allocation of credits, income, and deductions
  • Sec. 2524. Extent of deductions
  • Sec. 3123. Deductions as constructive payments
  • Sec. 3307. Deductions as constructive payments
  • Sec. 6034. Returns by trusts described in section 4947(a)(2) or claiming charitable deductions under section 642(c)
  • Some Content about Deductions

  • Alimony Paid
  • Autos, Computers, Electronic Devices (Listed Property) (IRS FAQ)
  • Bad Debt Deduction
  • Business Entertainment Expenses
  • Business Travel Expenses
  • Business Use of Car
  • Business Use of Home
  • Business Use of Home – Is It Deductible?
  • Car Donations
  • Casualty and Theft Losses
  • Casualty, Disaster, and Theft Losses
  • Clean-Fuel Deduction
  • Contributions
  • Contributions (IRS FAQ)
  • Contributions of Motor Vehicles, Boats, and Airplanes
  • Deductible Taxes
  • Deducting a Sec. 754 Depreciation Adjustment
  • Domestic Production Activities Deduction
  • Education & Work-Related Expenses (IRS FAQ)
  • Educational Expenses
  • Educator Expense Deduction
  • Employee Business Expenses
  • Equitable or Beneficial Ownership
  • Gifts & Charitable Contributions (IRS FAQ)
  • Home Mortgage Points
  • Home Office Expenses of a One-Man Corporation
  • Individual Retirement Arrangements (IRAs)
  • Interest Expense
  • Interest, Investment, Money Transactions (Alimony, Bad Debts, Applicable Federal Interest Rate, Gambling, Legal Fees, Loans, etc.) (IRS FAQ)
  • Meals
  • Medical and Dental Expenses
  • Medical, Nursing Home, Special Care Expenses (IRS FAQ)
  • Miscellaneous Expenses
  • Mortgage Interest Deduction on Sale of Second Home Held for Investment Purposes
  • Moving Expenses
  • Other Deduction Questions (IRS FAQ)
  • Partner Section 179 Expense Deduction
  • Points Paid by Seller
  • Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses) (IRS FAQ)
  • Sales Tax Deduction – Optional Table Method
  • Should I Itemize?
  • State Deductions (CA – NOL Deductions Suspended then Reinstated and PA – Section 179 Deduction)
  • Student Loan Interest Deduction
  • Tax Shelters
  • Tuition and Fees Deduction
  • Description and Definition of Deductions

    Items that directly reduce taxable income. Deductions such as alimony, capital losses, moving expenses, business losses, and deductible IRA and Keogh contributions can offset gross income even if you don't have enough deductions to itemize. Personal expenses such as medical costs, mortgage interest, state and local taxes, employee business expenses, and charitable contributions are deductible only if you itemize your deductions. All taxpayers may claim a standard deduction. If your qualifying expenses exceed your standard deduction, you may claim the higher amount by itemizing your deductions. Although no records are needed to back up your right to the standard deduction, you must maintain records of qualifying expenditures if you itemize.

    Section 179 Deductions Issue

    You may find information about Section 179 Deductions in this Tax Platform of the American Encyclopedia of Law.

    Resources

    See Also

    Further Reading

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