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Tax Forms: What are all the publications I will need?
Wow, this year my taxes are more in depth. I own a house so I have interest expense, school tuition payment-more interest expense, had my first baby, some medical expense, some major house projects including new siding and new plumbing, charity donations. Looks like I will be using Form 1040.
With knowing the above, what are all the publications and other write offs I should look into filing out? Thanks...single mommy needs lots of money!
1 Answer
- 1 decade agoFavorite Answer
You will be filing Form 1040 with Schedule A to itemize your deductions, including home mortgage interest paid, real estate taxes paid, charitable contributions (you can deduct half), and medical expenses in excess of 7.5% of your adjusted gross income. If you also received 1098-T's outlining tuition paid in 2008, this will likely give you a lifetime learning credit; check IRS Form 8863 instructions to see if you are eligible for it. Interest on student loans from form 1098-E is reported directly on the 1040, NOT on Schedule A; it has nothing to do with your home mortgage interest. Your home improvements are likely not deductible unless part of your house is rented out and these expenses went toward improving the rental portion. However, if you used a home equity loan to pay for these expenses, the interest on said loan is also deductible on Schedule A.
