What are some examples of tax deductions I can claim?
An example of an AI chatbot conversation about tax deductions and their examples.
What are some examples of tax deductions I can claim?
There are several tax deductions you might be eligible for, such as mortgage interest, student loan interest, and medical expenses.
Can you explain how mortgage interest deduction works?
Sure! The mortgage interest deduction allows you to deduct the interest paid on your mortgage for your primary residence, which can lower your taxable income.
Are there limits to how much I can deduct?
Yes, there are limits based on when you took out your mortgage and the amount of the loan. Generally, you can deduct interest on loans up to $750,000.
What about deductions for charitable donations?
Charitable donations can also be deducted if you itemize your deductions. You can deduct cash donations and the fair market value of donated goods.
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