- Home Mortgage Interest
- Home Equity Loan Interest
- Some Mortgage Refinance Expenses
- Some Investment Interest Expenses
- Credit Card, Auto Loan, IRS and State Tax Interest
are not deductible
- State/Local Income Taxes
- Real Estate Taxes
- Personal Property Taxes
(part of registration fees for motor homes, campers and travel trailers)
- Sales Tax, when not claiming State
- Tax penalties are not
Medical (only a portion will be deductible)
- Doctor/Dentist Fees and Co-pays, includes chiropractic, acupuncture,
naturopath, nurse practitioner, etc.
- Hospital Fees/Co-pays
- Prescription Drugs
- Insurance Premiums, including long-term care insurance,
paid with after-tax dollars.
- Lab/X-ray/other medical tests
- Glasses, Contact Lens, Hearing Aids, Dentures, Medical Equipment, some medical comfort items
required for patient care
- Nursing, Convalescent and Home Care payments when
- Certain tuition costs for children
with medically-diagnosed disabilities when the main reason is to
overcome the disability.
- Mileage to and from medical appointments; also parking and tolls.
- If you are over 64, Oregon allows a special medical deduction
for some taxpayers.
Some Casualty and Theft
- A portion of the loss not compensated by insurance may be
- Stock losses are not a theft
loss even if corporate officers are convicted of wrong-doing.
In some cases, worthless securities might be deductible as a
- Considerable documentation is
required to support the deduction.
- Tax Credit on Oregon returns
only, not federal. You must have a
receipt or letter to verify the contribution.
- Cash and non-cash donations to
IRS-recognized non-profit organizations (search IRS website
"Exempt Organization Select Check" tool); receipts, bank
records or letters from the recipient organization are required for
ALL donations regardless of the amount donated.
- Single gifts over $250 must be
acknowledged by a letter from the charity.
- Non-cash gifts may include clothing, household items,
merchandise purchased for donation, etc. The donor must
determine a reasonable value for the contribution.
- Use this guide to assign values. Ask for a receipt from the receiving organization.
Some high-value items, such as cars, antiques, paintings, jewelry,
etc., may require an outside appraisal.
- Mileage to and from volunteer
- Unreimbursed volunteer expenses
- No deduction for time spent volunteering.
Parochial school tuition is not considered a charitable
(only a portion will be deductible)
- Union & Professional Dues
- Tax Preparation Fees
- Safe Deposit Box Fees
- Some Investment Expenses/IRA and Trust administration fees
- Some Unreimbursed work expenses (overnight travel, uniforms, tools, phone, etc.)
- Some Job-related Moving Expenses;
qualified mileage is deductible.
- Professional/Trade Expenses (professional journals,
conferences, memberships, licensing, etc.)
- Some Job-seeking Expenses
- Some Job-related Continuing Education Expenses
- Gambling Losses to the extent of Gambling Winnings
claimed as income.
- Unreimbursed business mileage. Commuting mileage is never
- IRS expects you to keep a
mileage log to document
mileage claims. Your appointment calendar can be the base
for a mileage log.
business expenses must be considered necessary and standard to
your industry and your employer must not offer reimbursement
for expenses incurred per company policies. Documentation
must include receipts, an appointment calendar and the business
purpose of each expense.
REMEMBER, in a tax audit, you are
responsible for proving you are entitled to take the itemized
deductions on your return.,