What Tax Deductions Are No Longer Available?
Every year the American tax code is altered. While some new tax deductions are always added, others are either removed or phased out of the code. Because of this, some people are not able to receive the same deductions that they were in years past. This year, there are several tax deductions that will no longer be available.
Homebuyer Tax Credit
The first deduction that is no longer available is the homebuyer tax credit. There have always been tax deductions available to homeowners and the past two years, the best one ever may have been the homebuyer tax credit. This credit gave $8,000 to anyone who was a first time homebuyer and bought a home. While this was available in 2008 and 2009, the tax credit expired and is not available for people in 2010.
Tuition Credits
The second deduction that is no longer available to tax payers are various tax credits that were removed. In recent years many students were able to take advantage of tax credits that were given to people who had school expenses, but earned under a certain amount of income. While this credit did encourage some people to continue their education, the credit was removed from tax code in 2010 and is no longer available to tax payers.
Energy Efficient Tax Credits
The third deduction that is no longer available are various energy efficient tax credits. Many people in recent years have taken advantage of tax deductions that provided credits for installing energy efficient appliances or making energy efficient improvements to your home. These credits, which could be a few thousand dollars per year, have been removed from the 2010 tax code and are no longer available.
Related posts:
- Can I Get Tax Credits & Deductions By Saving For Retirement?
- What Is The Difference Between Tax Credits And Tax Deductions?
- How Can I Make Common Tax Deductions Work For Me?
- If I Have No Deductions, Should I Use Efile Tax Return?
- Can I Claim The Homebuyer Tax Credit If I Just Bought A Home?