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Published in:
2013 | OriginalPaper | Chapter
27. Your Residence
After Taxes, Your Home May Be Your Biggest Expense—It May Also Be a Great Tax Deduction
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Abstract
As a general principle, the tax code allows you to take a deduction for expenses that you incur in an effort to create income. The allowance of these deductions encourages people to invest in things that increase their income—increasing taxes as a result. That is why most expenses related to a business are allowed as deductions, when those same items are not deductible when used for personal reasons.