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2. State and local tax deduction - Wikipedia

   en.wikipedia.org/wiki/State_and_local_tax_deduction

   Eligible taxes include state and local income taxes, property taxes, and either state and local sales taxes or state and local general sales taxes. To claim the deduction, taxpayers must itemize their deductions on Schedule A of Form 1040. There is a $10,000 limit on the SALT deduction, or $5,000 for a married person filing a separate return.

3. Section 179 depreciation deduction - Wikipedia

   en.wikipedia.org/wiki/Section_179_depreciation...

   First, there is a dollar limitation. Under section 179 (b) (1), the maximum deduction a taxpayer may take in a year is $1,040,000 for tax year 2020. Second, if a taxpayer places more than $2,000,000 worth of section 179 property into service during a single taxable year, the § 179 deduction is reduced, dollar for dollar, by the amount ...

4. Estate tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Estate_tax_in_the_United...

   Beginning in 2005, inheritance or estate taxes paid to states or the District of Columbia. [28] Of these deductions, the most important is the deduction for property passing to (or in certain kinds of trust, for) the surviving spouse, because it can eliminate any federal estate tax for a married decedent.

5. How to Do Your Taxes if You're a Homeowner - AOL

   www.aol.com/news/2013-02-22-tax-advice...

   You can deduct 100% of your mortgage interest and property taxes, as long as your loan is less than $1 million, ($500,000 if you are married and filing separately). If it's over that, the IRS will ...

6. New Homeowners: Here’s What You Need To Know for Your Taxes

   www.aol.com/homeowners-know-taxes-160035858.html

   You deduct property taxes paid during the year for which you’re filing, but you’re limited to a total deduction of $10,000 — $5,000 if married and filing separately — for all state, local ...

7. 4 Tax Benefits of Owning a Home - AOL

   www.aol.com/4-tax-benefits-owning-home-160151096...

   Property Tax Deduction Along with mortgage interest, homeowners can also potentially deduct up to $10,000 ($5,000 if married filing separately) from their property, state and local income taxes.

8. Taxation of illegal income in the United States - Wikipedia

   en.wikipedia.org/wiki/Taxation_of_illegal_income...

   v. t. e. Taxation of illegal income in the United States arises from the provisions of the Internal Revenue Code, enacted by the U.S. Congress in part for the purpose of taxing net income. [1] As such, a person's taxable income will generally be subject to the same federal income tax rules, regardless of whether the income was obtained legally ...

9. Mortgage interest deduction: What it is and what qualifies - AOL

   www.aol.com/finance/mortgage-interest-deduction...

   For mortgages taken out since Dec. 16, 2017, you can deduct only the interest on the first $750,000 if you are single or married filing jointly ($375,000 if you are married filing separately ...