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Butrfly4404 Butrfly4404 7 years
WeTheLiving - The IRS website says that you can deduct interest on student loans and qualified residence loans, but not personal interest (credit cards, car loans), as long as you are legally respobsible for the debt. http://www.irs.gov/taxtopics/tc505.html
WeTheLiving WeTheLiving 7 years
The article mentioned deducting loan interest paid by parents, but what if you pay your own loan interest? My friend said you can deduct interest you paid on loans. Anyone know if that is true?
True-Song True-Song 7 years
I thought this was going to be my big year to itemize, but moving expenses are "above the line" so it's actually better because I get to take my moving expenses on top of the standard deductions, but I thought they were finally going to be enough for me to itemize like a grown up tax payer. : )
lilkimbo lilkimbo 7 years
I probably don't most years, but there were years when I straddled the line, like when I donated a car. Most of the time, it wouldn't be worth it, though, you're right.
True-Song True-Song 7 years
but lil k, not to pry, but do you make more than the standard deduction in chartiable contributions? I try to give where I can, but I don't come near donating $5400 or whatever it is.
lilkimbo lilkimbo 7 years
Good tips, Savvy. I always say I am going to itemize my charitable deductions and, without fail, I wind up taking the standard deduction instead.
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