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Page 57 of 63 |
What types of deductions are available? |
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Because of the complexity of our income tax laws, not all deductions are created equal. That is, some deductions can be more valuable than others, because those others are subject to limitations and restrictions. For example, some deductions can be taken by persons electing the standard deduction, whereas others cannot (the standard deduction, discussed below, is a substitute for these other deductions).
These more valuable deductions are sometimes called "above-the-line" deductions by tax professionals. You can find them on the front page of Form 1040, whereas the other deductions are those shown on Schedule A to Form 1040. The "above-the-line" deductions include trade or business expenses, expenses relating to property held for the production of income (such as rental property), alimony, IRA contributions, net capital losses (discussed later) and certain others.
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