Tax Topic 5 - Homeowner Itemized Deductions

In this topic we will cover the the payment of taxes you can deduct. Usually, you are able to deduct income taxes, general sales taxes, real estate taxes, personal property taxes and foreign taxes paid. You will also become aware of which taxes you can deduct and which taxes you cannot. Interest is the amount you pay for the use of borrowed money. In this topic you will learn how to claim interest expenses on your tax return. The types of interest that you can deduct are home mortgage interest, and investment interest.

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