What are eligible deductions?
An example of an AI chatbot conversation about tax deductions you can claim.
What are eligible deductions I can claim on my taxes?
Eligible deductions can include expenses like mortgage interest, student loan interest, and medical expenses. Would you like details on any specific deduction?
Yes, can you explain mortgage interest deductions?
Sure! Mortgage interest deductions allow you to deduct the interest paid on your mortgage for your primary residence. This can significantly reduce your taxable income.
Are there limits to how much I can deduct?
Yes, there are limits based on when you took out the mortgage and the amount. Generally, you can deduct interest on mortgages up to $750,000 for new loans.
What about state taxes? Can I deduct those too?
Yes, you can deduct state and local taxes, but there is a cap of $10,000 on the total deduction for state and local taxes.
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