What can you deduct for taxes if you are NOT self-employed?

Question

I am not self-employed; I work as an employee for a company. What can I deduct on my taxes? And, I took out a loan for school only in my name, but my parents paid for the loan. I received forms from my school and bank on payments I could deduct. Can I still deduct them?

Answer 1

1. Mortgage interest.

2. Property taxes.

3. Medical expenses, subject to a 7.5% AGI limitation.

4. Employee business expenses, subject to a 2% AGI limitation.

5. Charitable contributions.

6. Tax prep fees.

Those are just a few for starters.

You cannot deduct anything for the school as you didn't pay for it yourself. Neither can your parents, unless they are legally liable for the payments. To deduct anything, you must be both legally liable for the expense AND actually pay it yourself.

Answer 2

Unless you make over 50 thousand a year you should take the standard deduction, and not itemize. Your parents can deduct the loan payments, but not you.