TaxAudit Blog

Tag: deductible

Car Mileage Log

Many taxpayers use a written logbook that they keep in their vehicle or a software application on their smartphone to track their deductable miles.

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HOA written with blocks with wooden house on top

HOA fees are not deductible for a property used as your private home all year. But there may be a deduction for those who use their home for business purposes.

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water damage in a home

We had a water leak in our home. The clean up used chemicals which caused us to get rid of our clothing, bedding, and furniture. Is this deductible?

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Wooden House next to Money Bag

In general, only mortgage interest and property taxes are deductible in the transaction year, while some expenses and fees can be added to the cost basis.

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Flooded Apartment

For federal tax purposes, there is no deduction available at this time. However, the loss may or may not be deductible on your state tax return.

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