Question

Are there any other itemized deductions that I could claim on my tax return? I don’t want to overlook any potential tax deductions.

Answer

 

Determining what you can itemize to maximize your tax return is important. Other itemized deductions that you may want to consider include:

  • Gambling losses, but only to the extent of gambling winnings reported on Form 1040
  • Casualty and theft losses of income-producing property from Form 4684 or Form 4797
  • Loss from other activities from Schedule K-1 (Form 1065-B)
  • Federal estate tax on income in respect of a decedent
  • Amortizable bond premium on bonds acquired before Oct. 23, 1986
  • Deduction for repayment of amounts under a claim of right if over $3,000
  • Certain unrecovered investment in a pension
  • Impairment-related work expenses of disabled person

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