J.K. Lasser's 1001 Deductions and Tax Breaks 2018

CHAPTER 16Miscellaneous Items

• State and Local Income Taxes
• State and Local Sales Taxes
• Certain Federal Taxes
• Tax Refunds
• Tax Preparation Costs
• Tax Audits
• Legal Fees
• Gifts You Receive
• Inheritances
• Life Insurance Proceeds
• Estate Tax Deduction on Income in Respect of a Decedent
• Rebates and Discounts
• Government Benefits
• Olympic Medals
• Alternative Minimum Tax

Alert

At the time this book was completed, Congress was considering important tax changes that could affect 2017 tax returns and planning for 2018. Check the online Supplement in February 2018 at www.jklasser.com or www.barbaraweltman.com to see what changes have been enacted and when they are effective.

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 ...