- Home Mortgage Interest --
Must be used to buy, build or improve your primary home or a
- Home Equity Loan Interest --
only for home improvements; loan amount limitations apply
- Some Mortgage Refinance Expenses
- Some Investment Interest Expenses
- Credit Card, Auto Loan, IRS and State Tax Interest
are not deductible
- NEW LIMITS!
Maximum deduction on all taxes is capped at $10,000.
- 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.
- 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
Some Casualty and Theft
- ONLY LOSSES DUE TO AN EVENT OFFICIALLY DECLARED A DISASTER
BY THE PRESIDENT OF THE UNITED STATES WILL QUALIFY TO BE DEDUCTED.
- 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.
REMEMBER, in a tax audit, you are
responsible for proving you are entitled to take the itemized
deductions on your return.,