Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Friday, March 14, 2014

Forgotten Deductions

IRS-100wiKeep in mind as you prepare your 2013 tax return that you use proper forms and not overlook deductions.

  • Estate planning attorney fees- Some of your legal fees may be deductible.
  • Medical Expenses - You have to itemize and deduct expenses that exceeded 7.5% of your adjusted gross income.
  • Caregiver deductions- If you are caring for a relative, you might be able to claim tax deductions or credits for medical expenses. 
  • Parental deductions- If you are caring for a parent you may claim your parent as a dependent on your income taxes which would give you a $3,950 exemption.
  • Long-term care insurance premiums- Premiums for long-term care are deductible for the taxpayer, his or her spouse, and other dependents.
  • Social security benefits
  • Real estate taxes - Do not forget you can increase your standard deduction of your real estate taxes.
  • Home sale exclusion
  • Elderly or disabled tax credit- Low-income elderly may be eligible for a special tax credit.
  • Gifts

See Evan Farr, Don't Forget These Often-Overlooked Tax Deductions, Everything Elder Law, Mar. 6, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.


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