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Home Modifications for Disabilities

Generally, home improvements are not deductible except to offset home gain when the home is sold. But a medical expense deduction may be claimed when the home modification is a medical necessity. The modification expense is only deductible as a medical expense to the extent it exceeds any resulting increase in the value of the property.

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Can You Take a Home Office Deduction?
If you run your small business out of your home, you may want to “write off” many of your household expenses. But how do you know what is deductible and what is not?

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Vacation Home Rentals: How the Income Is Taxed
If you have a second home in a resort area, or if you have been considering acquiring a second or vacation home, you may have questions about how rental income is taxed should you decide to rent it part of the time. Vacation home rental rules include some interesting twists that you should know about before you begin renting. Although some individuals prefer to never rent out their homes, others find this to be a helpful way to cover the cost of the home. If you choose never to rent it out at all and it is your designated second home, the property taxes and the home mortgage interest may be written off as part of your itemized deductions. However, the interest is deductible only as long as the combined acquisition debt on your first and second homes does not exceed $1,000,000. In addition, the interest on up to $100,000 of equity debt for the two homes can be deducted. If you are unfortunate enough to be subject to the alternative minimum tax (AMT), to the extent that you are taxed by the AMT, the property taxes and equity debt interest are not deductible.

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Child Care Credit Available to Student-Parents
If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples where both parents work, but a special provision of the tax law permits married parents attending college to also get the credit, if they meet certain criteria, even if the student-parent has no income.

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Borrowing Money to Finance an Education?
College is just around the corner for many, and paying for tuition and college expenses may require borrowing money. If you are in this situation, here are some tax implications to consider before taking out a loan.

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