Define: Deduction

Answer: Yes, if you use a portion of your home exclusively for business purposes, you may be eligible to deduct home office expenses. However, there are specific criteria that must be met, such as regular and exclusive use, to qualify for this deduction.

Answer: Yes, you can deduct qualified medical expenses that exceed a certain percentage of your adjusted gross income. However, there are limitations and restrictions on what expenses can be deducted, so it is important to consult with a tax professional or refer to IRS guidelines for specific details.

Answer: Yes, you may be able to deduct up to a certain amount of student loan interest paid during the tax year. However, there are income limitations and other requirements that must be met to qualify for this deduction.

Answer: Yes, you can deduct business-related travel expenses, including transportation, lodging, and meals, if they are necessary and ordinary expenses incurred while away from your tax home for business purposes. However, there are specific rules and documentation requirements that must be followed to claim these deductions.

Answer: Yes, you can deduct qualified charitable donations made to eligible organisations. However, there are limitations on the amount you can deduct and specific documentation requirements, such as obtaining a written acknowledgment from the charity, that must be met to claim these deductions.

Answer: Yes, you can deduct state and local income taxes or sales taxes paid during the tax year. However, there is a cap on the total amount of state and local taxes that can be deducted, and certain restrictions apply.

Answer: Yes, you can deduct legal fees incurred for business purposes, such as consulting with an attorney on tax matters or defending against a lawsuit related to your business. However, personal legal fees are generally not deductible.

Answer: Yes, you can deduct mortgage interest paid on your primary residence and, in some cases, on a second home. However, there are limitations on the amount of mortgage debt that qualifies for this deduction, and certain restrictions apply.

Answer: Yes, you may be able to deduct certain education expenses if they are directly related to your current job or profession and help maintain or improve your skills. However, there are limitations and requirements that must be met to claim these deductions.

Answer: Yes, you can deduct investment losses, such as losses from stocks or real estate, to offset capital gains. However, there are specific rules and limitations on the amount of losses that can be deducted, and you must report these losses accurately on your tax return.