Re: Re: Tax Questions on new horns

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Posted by Steve Dedman on January 31, 2001 at 02:33:58:

In Reply to: Re: Tax Questions on new horns posted by Joe S. on January 31, 2001 at 00:39:15:

Another thing about the depreciation rate spreading out your deduction over several years: if you itemize your deductions, you may find that it is more cost-effective to take the standard personal deduction, which is in the neighborhood of $7500. In other words, all of the things you are allowed to deduct (education expenses [if you pay them, otherwise it's your parent's deduction], mortgage interest, student loan interest [which is probably deferred], medical, prescription, other taxes, stock market losses, etc.) will have to total more than the standard personal deduction to do you any good.

My guess is that as a full-time student, you won't have enough other deductions to warrant itemizing. No, it doesn't make any sense, but it's the government.

I better stop, as I feel my annual 1040 rant coming on...

Steve "wish my congressman knew how much an instrument costs" Dedman

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