2006-11-22 10:30:26 · 3 answers · asked by jeri 1 in Business & Finance ➔ Taxes ➔ United States
A single person can take pretty much the same deductions as a married person, if they have the expenses.
A monetary gift is only deductible if it's made to an authorized charity, and then only if you itemize, and within limits.
2006-11-22 10:50:53 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Can you be more specific on 'monetary gift'? Deductions will only really matter if you are itemizing. If you are taking the standard deduction, not much else will count except perhaps the Earned Income Credit, Child Care Credit, Additional Child Credit, and possibly Student Loan Interest. Monetary gifts to an authorized charity can be deducted (up to $200 I think) if itemizing. A gift to a school (school tax credit) can also be deducted depending on where you live (not sure if you have to itemize for this one).
2006-11-22 19:48:38 · answer #2 · answered by nativeAZ 5 · 0⤊ 1⤋
A single person can take all deductions they are qualified to take.
Medical bills.doctors real estate taxes if you own property. If you are a single parent,you might get the child tax credit. Talk to a tax professional or purchase tax software. There is also help from MS Money and other financial software that can access tax issues. You can get free help from the IRS and your state tax office.
2006-11-22 18:40:04 · answer #3 · answered by Ralph T 7 · 0⤊ 0⤋