Posted on February 05, 2009 by Amanda Allen

With tax deductions, Americans have a chance to keep more of their hard-earned money, instead of giving it to the government. Most people know about deductions for charitable donations and property taxes, but there are other deductions that many overlook.

-Selling a home. Being a homeowner entitles you to yearly tax deductions, but selling a home gives you the right to deduct the costs incurred with the sale. You can still deduct a portion of your property taxes, and any fees and commissions paid to your realtor.

-Appraisal fees for big-ticket charitable donations. The IRS mandates you to include a “qualified appraisal with the item for return” for any donation worth more than $500. If you pay a professional to appraise your item, their fees are tax-deductible.

-Health care and related expenses. The IRS allows a deduction for medical expenses, unless your insurance company reimburses you for any part of them.
Long-term care expenses are also a tax write off.

Saving those receipts can really help you fatten your return at tax time. Hold them for the entire year, so you have a record of even the smallest expenses.