J.K. LASSER'S 1001 DEDUCTIONS AND TAX BREAKS 2023 : your complete guide to everything... deductible thi rd edition

The comprehensive handbook for American taxpayers looking for every legal tax deduction and credit No one likes to pay taxes. And everyone hates paying more taxes than they need to. Yet, each year, Americans make billions of dollars in tax overpayments. In J.K. Lasser’s 1001 Deductions and Tax Breaks 2023: Your Complete Guide to Everything Deductible, expert attorney and small business advocate Barbara Weltman delivers a thorough and carefully researched explanation of the constantly changing tax laws as they apply to ordinary, taxpaying Americans. The latest edition of this book has been completely updated to reflect recent legislation, the latest tax court rulings, and IRS guidance, allowing readers to easily refer to relevant deductions and credits in the easy-to-follow guide. You’ll find: Answers to the most frequently asked tax questions about deductions and credits as well as what income is tax free Comprehensive info on every deductible expense, including current dollar limits and record-keeping requirements A free e-supplement that includes the latest developments from the IRS and Congress Perfect for taxpayers and tax preparing professionals, 1001 Deductions and Tax Breaks 2023 continues to be America’s favorite go-to roadmap to claiming what is rightfully yours and keeping more of your hard-earned income. Cover Title Page Copyright Contents Introduction Tax-Favored Items Limits on Qualifying for Tax-Favored Items Standard Deduction versus Itemized Deductions Impact of Deductions on Your Chances of Being Audited How to Use This Book Chapter 1 You and Your Family Marital Status Dependents Qualifying Child Qualifying Relative Child Tax Credit Earned Income Credit Dependent Care Expenses Adoption Costs Foster Care Child Support Alimony ABLE Accounts Chapter 2 Medical Expenses Individual Mandate Employer‐Provided Health Insurance Premium Tax Credit Health Coverage Tax Credit Itemized Medical Expenses Self‐Employed Health Insurance Deduction Long‐Term Care Coverage Flexible Spending Accounts for Health Care Health Reimbursement Arrangements Individual Coverage HRAs Excepted Benefit HRAs QSEHRAs Health Savings Accounts Archer Medical Savings Accounts ABLE Accounts COBRA Coverage Medicare Continuing Care Facilities and Nursing Homes Accelerated Death Benefits Decedent's Final Illness Medical Insurance Rebates Chapter 3 Education Costs FAFSA Submissions Employer‐Paid Education Assistance Scholarships, Fellowships, and Grants American Opportunity Credit Lifetime Learning Credit Work‐Related Education Student Loan Interest Interest on U.S. Savings Bonds Coverdell Education Savings Accounts Qualified Tuition Programs (529 Plans) ABLE Accounts Seminars Educational Travel Cancellation of a Student Loan Penalty‐Free Withdrawals from IRAs Government Reimbursements Internships and Apprenticeships COVID‐19‐Related Grants Chapter 4 Your Home Mortgages Mortgage Interest Tax Credit Home Equity Loans Points Prepayment Penalties Late Payment Penalties Mortgage Insurance Reverse Mortgages Cancellation of Mortgage Debt Penalty‐Free IRA Withdrawals for Home‐Buying Expenses Real Estate Taxes Cooperative Housing Minister's Housing Allowance Home Sale Exclusion Moving Expenses for Active Duty Military Personnel Energy Improvements ABLE Accounts Disaster Rules for Casualties to Your Home COVID‐19 Emergency Assistance Home Office Deduction Chapter 5 Retirement Savings Traditional IRAs Roth IRAs Roth IRA Conversions IRA Rollovers 401(k) and Similar Plans Self‐Employed Retirement Plans SEPs SIMPLEs Retirement Saver's Credit Custodial/Trustee Fees Employer‐Paid Retirement Planning Advice Charitable Transfers of IRA Distributions Qualified Longevity Annuity Contracts Hardship Distributions from Retirement Plans Special Rules for COVID‐19 and Disasters Chapter 6 Charitable Giving Cash Donations Appreciated Property Donations Used Clothing and Car Donations Intellectual Property Donations Real Estate Donated for Conservation Purposes Bargain Sales Volunteer Expenses Tickets to Fund‐Raisers, Raffles, and Sporting Events Membership Fees to Nonprofit Organizations Student Exchange Program Donor‐Advised Funds Sophisticated Charitable Giving Arrangements IRA Transfers to Charity Leave‐Based Donation Programs Record Keeper for Your Charitable Giving Chapter 7 Your Car Business Use of Your Personal Car Employer‐Provided Car Vehicle Registration Fees Car Accidents and Other Car‐Related Problems Donating Your Car Credit for Plug‐In Electric Drive Vehicles Chapter 8 Investing Penalty on Early Withdrawal of Savings Loss on Bank Deposits Capital Losses Capital Gains and Qualified Dividends Worthless Securities Loss on Section 1244 Stock Margin Interest and Other Investment‐Related Borrowing Amortization of Bond Premium Municipal Bonds Savings Bonds Gain on the Sale of Small Business Stock Gain on DC Zone Assets Gain on Reinvestments in Opportunity Zones Foreign Taxes on Investments Exercise of Incentive Stock Options Losses from Investment Ponzi Schemes Deferral of Income in Commercial Annuities Losses on Digital Assets Chapter 9 Travel Business Travel Temporary Work Assignments Conventions Medical Travel Charitable Travel Education‐Related Travel National Guard and Military Reservist Travel Frequent Flier Miles Recordkeeping for Travel Expenses Chapter 10 Real Estate Vacation Home Home Office Timeshares Rentals Low‐Income Housing Credit Rehabilitation Credit Like‐Kind Exchanges Deduction for Energy‐Efficient Commercial Buildings Qualified Improvement Property Conservation Easements Chapter 11 Borrowing and Interest Home Mortgage Interest Student Loan Interest Borrowing from Retirement Plans Investment‐Related Interest Business Interest Accrued Interest on Bond Purchases Below‐Market Loans Bad Debts Debt Forgiveness Chapter 12 Insurance and Catastrophes Casualty, Theft, and Disaster Losses Disaster Relief Payments Damages Disability Coverage Accelerated Death Benefits Legal Fees Identity Theft Losses Tax Identity Theft and Relief Chapter 13 Your Job Educator Expenses Prizes and Awards Performing Artists State or Local Government Officials Paid on a Fee Basis Repayment of Supplemental Unemployment Benefits Jury Duty Pay Turned Over to Your Employer Impairment‐Related Expenses Military Benefits Contributions to State Benefit Programs Dependent Care Assistance Fringe Benefits Income Earned Abroad Chapter 14 Your Business Start‐Up Costs Qualified Business Income Deduction Equipment Purchases Payment for Services Supplies Gifts Self‐Employment Tax Deduction Home Office Deduction Farming‐Related Breaks Other Business Deductions Business Credits Net Operating Losses COVID‐19 Government Assistance Chapter 15 Miscellaneous Items State and Local Income Taxes State and Local Sales Taxes Certain Federal Taxes Tax Refunds Legal Fees Gifts You Receive Inheritances Life Insurance Proceeds Gambling Losses Estate Tax Deduction on Income in Respect of a Decedent Rebates and Discounts Government Benefits Olympic Medals Alternative Minimum Tax Appendix A Items Adjusted Annually for Inflation Appendix B Checklist of Tax‐Free Items Appendix C Checklist of Nondeductible Items Nondeductible Items Appendix D Common Mistakes to Avoid Index EULA A straightforward guide to taking tax breaks and deductions on your 2022 tax return