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Senior Tax Deductions and Credits

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Capital Gains Exclusion

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Exclusion of capital gains from the sale of primary residence

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Disability Deduction

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Deduction for seniors with a permanent disability

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Education Credit

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Credit for expenses related to higher education

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Earned Income Tax Credit

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Credit for low to moderate income working seniors

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Long-Term Care Insurance Deduction

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Deduction for premiums paid on long-term care insurance

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Medical and Dental Expenses Deduction

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Deduction for health-related expenses

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Investment Interest Expense Deduction

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Deduction for interest paid on money borrowed to make investments

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Energy Efficiency Credits

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Credits for home improvements that enhance energy efficiency

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Standard Deduction

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Increased amount for seniors

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Property Tax Deduction

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Deduction for property taxes paid

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Business Expense Deduction for Self-Employed

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Deduction for business expenses if self-employed

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Charitable Contributions Deduction

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Deduction for donations to qualified organizations

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Retirement Accounts Contributions Credit

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Credit for contributions to retirement accounts

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Senior Tax Credit for the Elderly

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Non-refundable credit for low to moderate income seniors

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Sale of Stock Deduction

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Deduction related to capital losses from the sale of stocks

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Mortgage Interest Deduction

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Deduction for interest paid on a mortgage

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Credit for the Elderly or Disabled

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Credit for low-income seniors or disabled

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Home Sale Exclusion for Seniors

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Increased exclusion amount for sale of home for qualifying seniors

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Dependent Care Credit

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Credit for care expenses of a dependent senior

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Adoption Credit

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Credit for qualified adoption expenses

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