Tax Deductions 2016: List of 50 Tax Write-Offs You Don’t Know AboutLearn about the top tax write-offs for 2015, from student loan deductions to gambling deductions.

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30 Tax Deductions You’re Missing Out On and How to Get Them

9 New or Improved Tax Breaks for 2016

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  • C to the N

    I’ve always donated, but never included on my filing. How do you know the fair market value?

    • shonda

      you have a standard deduction which is some thousands…..if you itemize your deductions and its not over damn near 10,000$…. then jus keep the standard…..

    • BarbedWireCPA

      Salvation Army, Goodwill and others have tables on their websites giving you average market values for hundreds of items. Also, if you every shop in a thrift store and know their prices, you can use those prices. I advise my clients to take this seriously if they donate a lot of household items every year. It can really add up. Take a few minutes to list everything you are donating, take a few photos and write down or print out the values. I usually can write off a couple thousand dollars a year from non-cash donations.

  • Denise

    I’ve deducted my student loan interest in the past. My tax refund went from about $200 to $1000. It really helps!

  • Elyssa Kirkham

    Looks like I qualify for a few of these! Though I’ll likely opt for the standard deduction. I would caution people claiming a home office, though, as it’s among the deductions most likely to trigger an audit.

    • Brandy Alexander

      I have a professional do my taxes and claim my home business without problems. As long as you can prove all your expenses with receipts it’s fine. They are more likely to audit if you do it yourself but if you use a professional it shouldn’t be an issue.

    • Veracifier

      Like anything else, as long as you don’t lie about the square footage, so what?

  • I’m bookmarking this one!

  • G B

    If you didn’t know about most of these, you have been living under a rock. A
    s far as opting for the standard deduction, when you qualify to itemize, that is asinine.

  • Denise

    If u have family living with u fo about a year or so and food , utilities have cost me a lot more can u make a claim

  • MW

    Number 48 is unclear. In Texas we pay a registration fee, which according to the instructions on the 1040 is NOT deductible, but if it is a “Property Tax” based on the value of the vehicle then it is deductible.

  • pete

    the one about gmbling ..can only deduct what is equal to your winnings. what a joke. this is then basis zero

    • Wally Cleaver

      I live in Maryland and in June of 2012 I hit a scratch-off for $50,000. The check sent to me from the lottery two weeks later was for $30K and some change. As luck would have it I hit another $50K scratch-off one month later and the check I received was for $29K and change. We had kept all of our losing tickets so when we filed we received the $41k they had taken in advance. Yes I am well off so I don’t need the garbage comments. Just mentioning that you should keep your dead tickets should you get a windfall like we did.

      • sherry

        congrats wally!! !! sounds like you have the luck of the Irishman

      • Veracifier

        I call BS.

        -The Beaver

        • Wally Cleaver

          Google Donald Cole lottery

          • MDF

            Man, you ugly. Get a haircut hippie.

      • I call BS too

        That’s one heck of a lot of losing tickets ($41k in losers). You may be well off (which I doubt), but you certainly have problem. If you were well off I doubt you’d keep 41k of losers just in case.

        • Wally Cleaver

          Love your name. Thanks for bringing up a 9 month old story. Your probably the pride of your trailer park.. Just to add a bit of knowledge to your ignorance, casino losses also count against lottery winnings. Have your mom Google me to see where I came in second in a WSOP tournament. And remember to always read the label on your medication before making unfounded remarks about people. I know who you are.

    • Veracifier

      Isn’t basis zero better than basis negative? Well?

    • Debbie

      If I won $100,000 and I lost $100,000 I come out even, but I get to deduct $100,000, right?

      • Francois D’Ours

        No. It is ‘break even’, not a loss.

        • You are incorrect!

          The answer is ‘Yes, you break even’, not ‘no’. If you didn’t deduct the 100k from the winnings you would pay taxes on the entire gain. There is a huge difference.

  • Robert

    You can only deduct student loan interest if you make less than $75k a year…. and all of these are common knowledge…

    • Veracifier

      No, all of them are not.

    • Erin

      Where did you get this information?

  • Bev

    Number 13?

  • Irene Collins

    No. 48. Is that the same as the real estate tax paid on a vehicle? This is an interesting article. However, I could not benefit from any except the ones I am already using.

  • Mad in Acworth Ga

    Geez-a-lou…our tax people just took our $$$ & didn’t give us anything…yes I had a stack of receipts on some of these items & guess what? YEP…you guessed it…we got screwed.B& L Tax in Acworth Ga…that is the place by the way..

  • BarbedWireCPA

    Some of these are misleading at best. For instance….#7. The title says you can deduct time and talents for charitable causes. That is a big no-no. Yes, you can deduct 14 cents a mile for driving to/from/for a charitable cause. You can deduct other actual out of pocket expenses such as a motel charge if you had one for a charitable mission. But time and talent. No. As a CPA, I can tell you, most of these are “maybe’s”. If you can itemize…..if the expense is over 2% of your income, if you make less than $XXXXX. Most of the time, I have to tell clients…..”it depends”. I won’t know for sure if something is deductible until I have all other information. If you pay someone else to prepare your returns, I advise you to include all the “maybe’s” and list them out. They won’t know you have most of these unless you tell them.

  • BenDoverPls

    So where is the list of 49 special deductions I don’t know about?

    I already know about these.

  • Melissa

    #24 It’s “appraisal.”

  • Theda Kirkland

    I have grown grandchildren and children that live with me because they can’t or won’t work I work for minimum wages But the problem here is with all the comotion going on at home this is a lot to figure out even with trying to keep receipts that get thrown away or to be accurate lost. Should be an easier way.

  • billy

    Does the deduction of the penalty for early withdrawal of a cd or other bank investment also apply to a penalty for a early partial withdrawal from an annuity. Any advice is appreciated.

  • Ted Servello

    I guess the writer for this needs to learn how to count.

  • Burton

    I stopped reading when the first one was “standard deduction.”

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