can you tell me what a single woman with no children, home owner, full time employed, can claim on my taxes .?

Question

Since we have Bush as our current President, We have a limit of things we can claim on our taxes. I know I can claim head of household but that seems to be it. Most peole say they claim their home repairs, computers, monthly bus cards, etc. I don't own a car or have children, but I do take the bus to work everyday with a bus pass that is not cheap monthly. What is it that I can claim extra. I know I'm not the only one wondering.

Answer 1

Mortgage interest.

Answer 2

Actually, Bush hasn't taken away deductions - and CONGRESS makes the laws, not the president anyway. There's plenty that Bush can be criticized for, but not this one.

That said..... no you can't file as head of household unless you have a closely related dependent. You said you have no children - if you are supporting a parent and can claim them as a deduction, then you could file as head of household, but not if you don't have any dependents. This is not a new rule.

Home repairs are not deductible, and haven't been, except that there is a home energy credit that might be available if you replace doors or windows, or insulate.

Computers aren't generally deductible unless you own your own business and the computer is for that business.

If your friends are claiming deductions for this type of item, or claiming head of household when they don't qualify, they're living on borrowed time until the IRS catches up with them for their illegal claims.

Now - what CAN you claim? First of all, you get an exemption for yourself. That goes up a little each year, but for 2007 is $3400. You also get your choice of a standard deduction ($5350 for 2007) or your itemized deductions, whichever is more. You said you own a house - your real estate taxes and mortgage interest are allowable itemized deductions. Also state and local taxes if you have any, and charitable contributions to registered charities. There are a few other things too - see the instructions for form 1040 schedule A - you can downloan it at irs.gov

If you are paying on student loans, you can deduct some of all of the interest you pay on those.

Answer 3

Those people claiming home repairs, computers, and monthly bus passes better hope they never get audited.

Commuting costs are not deductible, so the bus pass is out. Unless you work from home on your computer and ONLY use it for work, the computer is out too. Home repairs are not deductible at all. Home improvements adjust the basis of your home when you sell it but are not deductible.

Unless you have some major unreimbursed business expenses or medical expenses, probably the only deduction you have is your home mortgage interest and your state and local taxes.

It sounds like spending $30-$50 on some tax software would be money well spent for you.

Edit: Student loan interest is a common "above the line" deduction.

Answer 4

1. Your filing status is Single. You can't file as Head of Household without a dependent.

2. Commuting miles and home repairs are not deductible. Computers etc can be depreciated only if you have self employed income or if is required for your job then only if you itemize deductions (and that too if more than 2% of your AGI).

3. Most of the deductions (like home mortgage, medical expenses, theft and casulty, employee business expenses) are available only if you itemize your deductions. You itemize only if your deductions are more than your standard deduction of $5,350.

Answer 5

mortgage interest expense, business expenses, medical expenses (if they are significant).