The 2010 Tax Deductions You Can’t Claim

When the Obama Tax Cuts were passed late last year, we assumed that all the expiring tax cuts were extended.

Well, that’s not exactly true. Here are a few popular tax deductions from 2009 that you cannot claim on your 2010 tax return:

Expired Tax Deductions

• $2400 Exclusion on Unemployment: For 2010 all unemployment compensation is taxable.
• How to Take a Property Tax Deduction Without Itemizing: In order to claim the property tax deduction in 2010, once again you’ll need to itemize.
• New Car Tax Deduction: Last year, you could deduct the sales tax of a new car purchase. This deduction is now completely gone for your 2010 taxes.

Why am I telling you which ones you cannot claim? Because I know some of you have been looking for them!

If you’re working on your taxes this weekend, I figured I’d mention which tax deductions are expired, so you don’t have to look for them anymore.

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