What can I deduct?
Approved answer
Potential Deductions When You Itemize
If you choose to itemize your deductions, you may be eligible to deduct the following expenses:
- Bad debts
- Forgiven debt on your residence
- Capital losses
- Contributions to charitable organizations
- Profits from the sale of your home
- Gambling losses
- Interest on home mortgage
- Income, sales, real estate, and personal property taxes