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  2. Can You Deduct Homeowner’s Insurance on Your Taxes? - AOL

    www.aol.com/deduct-homeowner-insurance-taxes...

    You have rental property: If you pay mortgage insurance premiums on income-generating property, a rental property insurance tax deduction may be available. This is because homeowners insurance for ...

  3. IRS Section 7702: Life Insurance Tax Definition - AOL

    www.aol.com/irs-section-7702-life-insurance...

    Section 7702 is designed to prevent abuses of the tax-advantaged nature of life insurance. It does so by imposing a two-pronged test on life insurance contracts. How the Section 7702 Test Works

  4. Internal Revenue Code section 79 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Insurance cash values may provide tax-free income as long as the policy is kept in force and withdrawals do not exceed the cost basis; A section 79 plan may be used for the following applications Group life insurance benefits; Deductible insurance to fund estate planning needs of the business owner

  5. The 6 Most Important Tax Deductions You Need to Claim - AOL

    www.aol.com/finance/6-most-important-tax...

    For tax purposes, use the ad valorem number, which is the assessed value of real estate or personal property. The maximum deduction you can claim for all state and local taxes, including real ...

  6. Internal Revenue Code section 162 (a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1] If an expense is not deductible, then Congress considers the cost to be a consumption expense. Section 162(a) requires six different elements in order to claim a deduction. It must be an 1) ordinary 2) and necessary 3) expense

  7. Itemized deduction - Wikipedia

    en.wikipedia.org/wiki/Itemized_deduction

    By contrast, a person who wins $3,000 in various gambling activities during the year and loses $3,500 in other gambling activities in that year can deduct only $3,000 of the losses against the $3,000 in income, resulting in a break-even gambling activity for tax purposes for that year—with no deduction for the remaining $500 excess loss.)

  8. Can I Deduct Long-Term Care Insurance From My Taxes? - AOL

    www.aol.com/deduct-long-term-care-insurance...

    In order to qualify for a tax deduction, the policy must meet certain regulations set by the National Association of Insurance Commissioners. Make sure to check with your insurance broker to see ...

  9. Tax-deductible loss - Wikipedia

    en.wikipedia.org/wiki/Tax-deductible_loss

    To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.