Comments on: Our Biggest Income Tax Deductions http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 02:21:27 -0500 http://wordpress.org/?v=abc hourly 1 By: Sandy http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-129277 Sandy Tue, 17 Feb 2009 19:36:37 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-129277 Purchased a Toyota Scion in Feb 08 can we deduct the sales tax on it? Purchased a Toyota Scion in Feb 08 can we deduct the sales tax on it?

]]> By: ChristianPF http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115464 ChristianPF Tue, 19 Feb 2008 18:07:20 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115464 ours is charitable contributions... and it is good to see that so many other people have that as a decent sized deduction. I am a firm believer that what goes around comes around. I have seen it happen in my life very often... ours is charitable contributions… and it is good to see that so many other people have that as a decent sized deduction. I am a firm believer that what goes around comes around. I have seen it happen in my life very often…

]]> By: kitty http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115421 kitty Sun, 17 Feb 2008 02:01:24 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115421 " “never saw a tax they didn’t like’ NY" LOL - love this line. I am in Mt Kisco, btw. The town is in constant need of money to do whatever they want to waste money on. Like remodeling the area round the train station and puting a 50K clock there, after all it is "the face of the town". Like Mt Kisco is a tourist attraction or the tired commuters with NYC really care. ” “never saw a tax they didn’t like’ NY”
LOL – love this line. I am in Mt Kisco, btw. The town is in constant need of money to do whatever they want to waste money on. Like remodeling the area round the train station and puting a 50K clock there, after all it is “the face of the town”. Like Mt Kisco is a tourist attraction or the tired commuters with NYC really care.

]]> By: Ron@TheWisdomJournal http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115405 Ron@TheWisdomJournal Sat, 16 Feb 2008 03:51:13 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115405 Our top 5 were" 1. Mortgage interest 2. Medical expenses This has been 1 or 2 for three years It probably will be for 2008 & 2009 too 3. State taxes 4. Property taxes 5. Charity Our top 5 were”

1. Mortgage interest
2. Medical expenses
This has been 1 or 2 for three years
It probably will be for 2008 & 2009 too
3. State taxes
4. Property taxes
5. Charity

]]> By: Ria Rhodes http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115394 Ria Rhodes Fri, 15 Feb 2008 18:52:23 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115394 "We live in Westchester County New York so property tax (#1) and mortgage interest (close #2) blow away any other deductions" "CF, I also live in Westchester" ..ex-Mount Kisco-ite here. Thank goodness no more "never saw a tax they didn't like' NY. Visiting is so much nicer than living there. Still love NY/NYS/NYC despite it all. “We live in Westchester County New York so property tax (#1) and mortgage interest (close #2) blow away any other deductions”

“CF, I also live in Westchester”

..ex-Mount Kisco-ite here.

Thank goodness no more “never saw a tax they didn’t like’ NY. Visiting is so much nicer than living there. Still love NY/NYS/NYC despite it all.

]]> By: kitty http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115391 kitty Fri, 15 Feb 2008 17:39:36 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115391 CF, I also live in Westchester. I have no mortgage, so mine are State income taxes, property taxes, charitable contributions (cash), charitable contributions (non-cash). CF, I also live in Westchester. I have no mortgage, so mine are State income taxes, property taxes, charitable contributions (cash), charitable contributions (non-cash).

]]> By: Frugal pursuit http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115387 Frugal pursuit Fri, 15 Feb 2008 17:05:05 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115387 1. Mortgage interest (second year of 30-year mortgage) 2. Property taxes 3. Charitable donation (cash) 4. Charitable donation (noncash) My charitable donations increased from the year before, but I see I have far to go. 1. Mortgage interest (second year of 30-year mortgage)
2. Property taxes
3. Charitable donation (cash)
4. Charitable donation (noncash)

My charitable donations increased from the year before, but I see I have far to go.

]]> By: Kurt http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115385 Kurt Fri, 15 Feb 2008 16:25:12 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115385 Standard deduction. :-) Standard deduction. :-)

]]> By: CF http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115379 CF Fri, 15 Feb 2008 15:48:41 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115379 We live in Westchester County New York so property tax (#1) and mortgage interest (close #2) blow away any other deductions. Non-cash and cash charitable contributions are pretty close for #3 and #4. We live in Westchester County New York so property tax (#1) and mortgage interest (close #2) blow away any other deductions. Non-cash and cash charitable contributions are pretty close for #3 and #4.

]]> By: Debbie M http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115377 Debbie M Fri, 15 Feb 2008 15:44:18 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115377 Similar, but my real estate taxes are higher than my mortgage interest because I'm approaching the end of my mortgage. Interestingly, without the charitable contributions, I'd be taking the standard deduction. Similarly, without the mortgage interest (if my house were paid off), I'd be taking the standard deduction. I also got to take residental energy credits this year, which saved me more taxes than any of the above (though not more than all of the above). Similar, but my real estate taxes are higher than my mortgage interest because I’m approaching the end of my mortgage.

Interestingly, without the charitable contributions, I’d be taking the standard deduction. Similarly, without the mortgage interest (if my house were paid off), I’d be taking the standard deduction.

I also got to take residental energy credits this year, which saved me more taxes than any of the above (though not more than all of the above).

]]> By: savvy http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115374 savvy Fri, 15 Feb 2008 15:09:12 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115374 Ours were similar. 1 - Mortgage interest (due to having two homes for part of the year) 2 - Charitable contributions (cash) 3/4 - State taxes/Property tax (don't recall the exact numbers off the top of my head but they are close to equal) Ours were similar.

1 – Mortgage interest (due to having two homes for part of the year)

2 – Charitable contributions (cash)

3/4 – State taxes/Property tax (don’t recall the exact numbers off the top of my head but they are close to equal)

]]> By: BillyOceansEleven http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115373 BillyOceansEleven Fri, 15 Feb 2008 14:51:40 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115373 Ours were: 1. Cash charitable contributions 2. Mortgage interest 3. Property Tax 4. State and local sales tax (I'm in Texas, so no income tax here) 5. Non-cash charitable contributions Ours were:

1. Cash charitable contributions
2. Mortgage interest
3. Property Tax
4. State and local sales tax (I’m in Texas, so no income tax here)
5. Non-cash charitable contributions

]]> By: That One Caveman http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/comment-page-1/#comment-115372 That One Caveman Fri, 15 Feb 2008 14:37:24 +0000 http://www.fivecentnickel.com/2008/02/15/our-biggest-income-tax-deductions/#comment-115372 Ours were similar, just in a different order: 1. Mortgage Interest (combined) 2. Charitable Giving (cash) 3. Property Tax 4. State Income Tax Withholding 5. Charitable Giving (non-cash) (I actually posted <a href="http://www.thatonecaveman.com/2008/02/preliminary-2007-tax-figures.html">my preliminary tax numbers on my blog</a>.) This year we had far fewer things to give away than in years past... I think we've given away just about everything non-cash that we can without pulling things we currently use. Ours were similar, just in a different order:

1. Mortgage Interest (combined)
2. Charitable Giving (cash)
3. Property Tax
4. State Income Tax Withholding
5. Charitable Giving (non-cash)

(I actually posted my preliminary tax numbers on my blog.)

This year we had far fewer things to give away than in years past… I think we’ve given away just about everything non-cash that we can without pulling things we currently use.

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