What are some examples of eligible expenses for tax deductions?
An example of an AI chatbot conversation about eligible expenses for tax deductions.
What are some examples of eligible expenses for tax deductions?
Eligible expenses can include medical expenses, mortgage interest, and certain educational costs. Would you like more details on any specific category?
Can you tell me more about medical expenses?
Sure! Medical expenses that are eligible include hospital bills, prescription medications, and certain long-term care costs. You can deduct these if they exceed a certain percentage of your income.
What about educational expenses?
Educational expenses like tuition, fees, and student loan interest can also be eligible. There are specific credits and deductions available, depending on your situation.
Are there any limits on these deductions?
Yes, there are limits and thresholds for each type of expense. It's important to check the IRS guidelines or consult a tax professional for specifics.
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