Do you know which items you can deduct?

You can deduct repairs to your residence as an itemized deduction on your income taxes.

  • True
  • False

People who have more children pay lower taxes than those who have fewer children.

  • True
  • False

You can deduct the cost of your facelift as a medical expense on Schedule A, Itemized Deductions.

  • True
  • False

If you're in the process of getting a divorce as of 12/31, you can file your taxes as "single" if you no longer live together.

  • True
  • False

Property taxes on your personal residence are deductible.

  • True
  • False

You must report child support you receive as income on your taxes.

  • True
  • False

You must report alimony you receive from your ex-spouse as income on your taxes.

  • True
  • False

If you pay your friend's mortgage for a year, you can take the deduction for his mortgage interest on your income tax return.

  • True
  • False

The cost of a vasectomy is deductible as a medical expense on Schedule A, Itemized Deductions.

  • True
  • False

The cost of tuition to send your child to private, not-for-profit school is deductible as a charitable contribution.

  • True
  • False

Your Social Security number on your tax return must match the number on your W-2 in order for your refund to be processed by the IRS.

  • True
  • False

Anyone who lived with you for the whole year can be claimed as a dependent on your tax return.

  • True
  • False

If you participate in a "work from home" business opportunity, you’ll be able to deduct personal expenses like your cell phone bill, heating bill, and home repairs as business expenses.

  • True
  • False

If you volunteer for a charity, you can take a deduction equal to your hourly rate at your regular job, times the number of hours you worked for the charity.

  • True
  • False

If you lived outside the United States all year, you don't have to file a U.S. income tax return.

  • True
  • False

Our Most Popular Features

COMMENTS ( 0 )
GOT SOMETHING TO SAY?
YOU'LL BE ASKED TO REGISTER OR SIGN IN BEFORE POSTING A COMMENT.
Make a Comment
Comment
 

Featured Sponsor

Tax Calculators

Get a quick and easy estimate of your tax savings.

Interest Rates

TypeCurrentAPR
30 yr fixed mtg5.02%5.16%
5/1 ARM4.18%3.79%
$30K HELOC5.22%0.00%
36 month new car loan6.67%0.00%
1 yr CD1.56%1.57%

Interest Rates Provided by Bankrate.com

Compare Rates in Your Area

Headlines From WalletPop Partners

Consumer Reports
Smart Money
Kiplinger.com
CNBC
MainStreet
Bankrate.com

More Great Sites

BloggingStocks
Luxist
AOL Real Estate
RentedSpaces
DailyFinance
WalletPop UK

Visit Money & Finance for stock quotes, the web's best online portfolio manager and the latest business & market news. Find out about every aspect of personal finance and money management, from finding the best mortgage rates and preventing identity theft to making money, saving money and investing money.