TaxConnect

The good news is you can deduct many home-related expenses. These tax breaks are available for any abode -- mobile home, single-family residence, town house, condominium or cooperative apartment.

Loans are expensive. You may be able to deduct interest you pay on a qualified student loan. Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid and it is subject to a phaseout, which means the amount of the deduction gradually decreases and phases out completely if and when your modified adjusted gross income (MAGI) amount reaches the annual limit.