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  2. Are Home Improvements Tax Deductible? - AOL

    www.aol.com/finance/home-improvements-tax...

    Owning a home is a great way to build wealth, but it's also a significant expense. The cost of improvements is only tax deductible in certain circumstances. However, even if you can't deduct the ...

  3. Avoid These Home Tax Deduction and Credit Mistakes - AOL

    www.aol.com/2013/01/31/avoid-these-home-tax...

    By G. M. Filisko As you calculate your tax returns, consider each home tax deduction and credit you are - and are not - entitled to. Running afoul of any of these 9 home-related tax mistakes ...

  4. Tax basis - Wikipedia

    en.wikipedia.org/wiki/Tax_basis

    Tax basis of property received by a U.S. person by gift is the donor's tax basis of the property. If the fair market value of the property exceeded this tax basis and the donor paid gift tax, the tax basis is increased by the gift tax. This adjustment applies only if the recipient sells the property at a gain. [7]

  5. 4 Reasons High Earners Keep Living Paycheck to Paycheck - AOL

    www.aol.com/4-reasons-high-earners-keep...

    They also come with an interest tax deduction, making home loans cost even less on an after-tax basis. Depending on where you live, buying a home may be less expensive than renting a similar ...

  6. Section 179 depreciation deduction - Wikipedia

    en.wikipedia.org/wiki/Section_179_depreciation...

    Under section 179(b)(1), the maximum deduction a taxpayer may take in a year is $1,040,000 for tax year 2020. Second, if a taxpayer places more than $2,000,000 worth of section 179 property into service during a single taxable year, the § 179 deduction is reduced, dollar for dollar, by the amount exceeding the $2,500,000 threshold, again as of ...

  7. Itemized deduction - Wikipedia

    en.wikipedia.org/wiki/Itemized_deduction

    This facilitated amendments to 2011 tax returns to claim a casualty tax deduction. [ 4 ] Gambling losses, but only to the extent of gambling income (For example, a person who wins $1,000 in various gambling activities during the tax year and loses $800 in other gambling activities can deduct the $800 in losses, resulting in net gambling income ...

  8. Understanding Pre- and Post-Tax Deductions on Your Paycheck - AOL

    www.aol.com/finance/understanding-pre-post-tax...

    In other cases, pre-tax deductions only delay your tax obligations — 401(k) contributions, for example, are taxed when you begin making withdrawals in retirement later down the road.

  9. Internal Revenue Code section 132(a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...