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Thread: Deductions

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    Deductions

    So tax season is here and it is my first time filing. How do I itemize my deductions, such as "house" or "rent" and such expenses as costumes??? Under what title do I itemize them as???

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    Default Re: Deductions

    payments towards a 'house' are deductible as itemized deductions on 1040 schedule A - there's a line for home mortgage interest , and another line for real estate/school taxes. Note that rent payments on either an apartment or a house which you do not actually own are NOT deductible. Also note that you must elect to either claim the standard deduction without itemizing other deductions, or claim the total of itemized deductions on schedule A without the standard deduction. Thus it pays to run the math both ways.

    payments for business expenses such as costumes are deductible on 1040 schedule C . Independent contractor business income and business expenses reported on schedule C are a totally separate animal, thus business expenses can be claimed regardless of whether or not you choose to itemize deductions or take the standard deduction.

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