Personal Deductions

This is not an all-inclusive list and all items are not deductible all the time. Please keep your receipts for three years in case of audit.

Schedule A Expenses

Taxes You Paid

  • State and local income taxes or general sales tax
  • Foreign income tax
  • Estimated tax payments
  • Prior year’s state and local income tax you paid during the tax year
  • Real estate tax
  • Personal property tax based on value.

Interest You Paid

  • Mortgage Interest
  • Mortgage prepayment penalties
  • Points on principal residence financing
  • Mortgage insurance premiums
  • Investment interest

Gifts to Charity

  • Charitable contributions (cash and non-cash) made to qualified charities
  • Mileage to donate goods to charity or to perform charitable services

Medical Expenses

  • Health insurance premiums
  • Long term care premiums
  • Out of pocket doctors, labs, dentist, hospital costs, eyes exams, glasses, prescriptions, etc.
  • Medical mileage

Other Expenses

  • Employee non-reimbursed business expense
  • Job hunting expenses
  • Casualty and theft Losses
  • Investment expenses
  • Fees for tax return preparation
  • Investment counsel and advisory fees
  • Certain legal fees
  • Safe deposit box rental

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