How many tax deductions are there?

how many tax deductions are there?

Hi,

There are TONS. Here are some (but not all):

* An exemption amount for the taxpayer, the spouse, each child, and any other qualified dependents, and certain disabilities;
* Mortgage interest paid on one's primary residence or other residence[2];
* Qualified mortgage insurance premiums that are treated as qualified residence interest expense, for certain home loans, for mortgage insurance contracts issued on or after January 1, 2007[3]
* Equity loan or Line of Credit interest;
* Charitable contributions to eligible entities[4];
* Business deductions, such as mileage, related to an individual's expenses regarding their employment[5];
* Business startup and operation, and farming expenses (including travel, meals, and the so-called three-martini lunch), not to exceed business income;
* Hobby expenses but only up to the gain attributable to that hobby.[6]
* Removal of architectural barriers to the disabled and elderly;
* Union and professional dues;
* Medical expenses above a certain percentage of the individual's Adjusted Gross Income (AGI);
* The cost of tax advice, software, and books;
* Depreciation of business assets;
* Work uniforms and clothing, including such items as safety goggles or steel-toed shoes;
* Moving expenses, in some cases;
* Job search expenses as one searches for work in the same industry;
* Casualty (fire, theft) losses not covered by casualty insurance;
* Educational expense (but only if it does not prepare one for a new career);
* The oil-depletion allowance or similar for depletion of timber and other natural resources, and reforestation expenses;
* State and local taxes (I.e., income tax or property tax or use taxes) in 2004 and 2005, one could choose between deducting State Sales Tax or alternatively deducting State Income Tax. This deduction was extended for two additional years in December of 2006. [1]
* Capital losses (to a limit), such as from the sale of stock that has lost value, that exceed an individual taxpayer's capital gains in that year;
* Gambling losses (but not in excess of gambling winnings).