J.K. Lasser's 1001 Deductions and Tax Breaks 2015: Your Complete Guide to Everything Deductible

CHAPTER 16 Miscellaneous Items

1. State and Local Income Taxes
2. State and Local Sales Taxes
3. Certain Federal Taxes
4. Tax Refunds
5. Tax Preparation Costs
6. Tax Audits
7. Legal Fees
8. Gifts You Receive
9. Inheritances
10. Life Insurance Proceeds
11. Estate Tax Deduction on Income in Respect of a Decedent
12. Rebates and Discounts
13. Government Benefits
14. Alternative Minimum Tax

 

Alert

At the time this book was printed, Congress had not extended numerous breaks for 2014 that had expired at the end of 2013. Check the online supplement in February 2015 at www.jklasser.com or www.barbaraweltman.com to see whether these breaks apply for 2014 returns.

There are some tax benefits that simply defy classification so they cannot be included in any other chapter. You may be entitled to claim them nonetheless.

This chapter explains a variety of miscellaneous tax breaks you may be entitled to claim. The standard deduction amount that can be claimed instead of itemizing personal deductions is explained in the Introduction to this book. For more information see IRS Publication 525, Taxable and Nontaxable Income, and IRS Publication 529, Miscellaneous Deductions.

State and Local Income Taxes

Individuals in all but 7 states (Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming) and the District of Columbia may be subject to income taxes (those in New Hampshire and Tennessee have an income tax on interest income and dividends only). There may also be income taxes on the local level. These taxes are deductible ...