What you may deduct:
- Alimony paid under the rules of Chapter Thirty-seven
- Amortized bond premium
- Appraisal costs for donated property
- Bad debts subject to limits for non-business loans
- Bank deposit loss in insolvent bank
- Burglary losses
- Business expenses
- Business gifts up to twenty-five dollars
- Business use or rental of a car
- Capital loss within limits
- Casualty losses within limits
- Charges for services on rental property (e.g., water, sewer, trash)
- Charitable contributions
- Christmas presents and other holiday gifts to employees, clients, or customers up to twenty-five dollars per person
- Clothing, uniforms, costumes, laundering, and cleaning
- Condominium owner's interest and real estate taxes
- Convention (business or professional) expenses
- Depletion of oil and gas wells, other natural deposits, and timber
- Depreciation of home computers or cellular telephones, subject to restrictions
- Depreciation of leasehold improvements
- Depreciation of rental building
- Depreciation of rental property furniture and appliances
- Disaster losses
- Education, including cost of tuition and books, if education is required to keep your job or improve job or professional skills
- Embezzlement losses
- Employment agency fees
- Foreign housing costs if self-employed, within limits
- Foreign income tax and property taxes
- Gambling losses to extent of gambling gains
- Half of self-employment tax liability
- Health-care insurance premiums
- Home mortgage interest
- Impairment-related work expenses
- Income tax return preparation fees
- Individual retirement account (IRA) contributions, within limits
- Investment interest, within limits
- Job-search expenses
- Keogh plan contributions, within limits
- Legal expenses
- Long-term care insurance and services
- Losses on small-business stock
- Magazine subscriptions used for business or professional purposes
- Malpractice insurance
- Medical and dental expenses, within limits
- Medical savings account (MSA) contributions
- Moving expenses to new job location
- Nurse wages
- Points paid on purchase or improvements of principal residence
- Real estate taxes
- Rent for business property
- Repairs of business or income-producing property
- Schooling costs for a mentally or physically handicapped dependent
- Simplified Employee Pension (SEP) contributions, within limits
- Standard deduction
- State and local income taxes
- State and local personal property tax
- Student loan interest
- Taxes that are business expenses
- Tools used on your job having a life of less than a year
- Travel expenses necessary to maintain property
- Travel costs to take education courses
- Travel costs to obtain medical care
- Work clothes and uniforms
- Worthless securities
Note: Each year, some of these may change. Consult your tax professional for updates.