In any event, no tax deduction is allowed for items in less than good condition, a determination that must be made in writing by the recipient of the goods in question.

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Based on the preferences contained in the governing documents, the entity allocates items of income, deduction, loss, and credit between the classes.

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They include popular items like the mortgage interest deduction, tax-free health insurance, and the charity deduction.

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Therefore, for federal tax purposes Owner may not split its interest into separate classes of interests and may not allocate items of income, loss, deduction, credit, and basis among those classes.

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These are just a few of a long list of items for which taxpayers may claim a deduction if they are eligible.

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One of the items typically addressed in divorce agreements, is allocation of the dependency deduction.

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That means you can deduct 335 days of those two big-ticket items on Schedule A of your tax return (subject to losing the real estate tax deduction in the AMT).

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