De Deduct News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Because i don't like increasing the deficit. but certainly as well very important to me was continued e deduct and ability of salt. >> and you don't go back to washington until january 8. what have constituents said about this, how confused are they in new jersey? >> certainly questions have been asked. and i encourage constituents to discuss this with their accountants. and i think that we in new jersey want to continue this fight. and i'm certainly willing to work in a bipartisan capacity and i hope democrats will join us. democrats were really not involved. it was a one party measure. i thi...

Exceed 10% of your adjusted gross income. for example, if you make $50,000 a year, if that's your adjusted gross income you can deduct expenses that exceed $5,000. and that rule is even more generous if you're over the age of 65. if you think you're eligible to de deduct medical expenses start tracking them now and keep your receipts. there are things you may not realize are considered medical expenses. of course whatever you pay out of pocket for doctors and dentists visits that would count as long as you're not using your medical fsa. also prescription drugs. but transportation to and from a...

Break in the country worth nearly $100 billion a year. >> when you're looking a the your house, the biggest chunk of that is the interest on your mortgage. >> there's a limitation on mortgage interest. the first $1 million of debt on a property is tax deductible on your primary residence. >> reporter: mortgage insurance is also deductible. but if you lost money when you sold your house, too bad. >> unfortunately, you can't e deduct the loss on a sale of a personal residence. the irs would want to tax the gain. >> reporter: the first $250,000 of that gain is tax free if you're single. $500,000 ...