I heard from a coworker that they saw a 60 min. episode that claims any US tax payer can take any and only one major tax deduction in a lifetime.. is this true..?
2007-12-16 09:18:45 · 6 answers · asked by cinnful4u 1 in Business & Finance ➔ Taxes ➔ United States
FALSE
2007-12-16 09:21:39 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 0⤋
Complete nonsense. You can take many deductions if you qualify. Besides tax laws and rules change all of the time. Nothing is set in stone regarding taxes.
2007-12-17 12:44:22 · answer #2 · answered by Gary 5 · 0⤊ 0⤋
I don't know what you mean by "one major tax deduction" - but there's nothing that you can only claim once, so whatever the person thinks they heard, they heard wrong.
2007-12-16 22:38:16 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Back before 1997 there was a once-in-a-lifetime capital gain exclusion for homeowners older than 55.
This was replaced with a better deal which is renewable.
2007-12-16 19:12:19 · answer #4 · answered by Anonymous · 2⤊ 0⤋
No.
There is no such thing as a "major" tax deduction.
I claim my mortgage interest, state and local taxes, and charitable deductions each and every year.
Your co-worker is very mistaken.
2007-12-16 17:23:04 · answer #5 · answered by Wayne Z 7 · 2⤊ 0⤋
Perhaps you are thinking about the $2 million gift and estate tax exclusion. It doesn't affect that many of us.
2007-12-16 18:28:37 · answer #6 · answered by Anonymous · 2⤊ 0⤋