Web Extra: Digging Up Tax Deductions

Thursday, 2 Apr 2009 | 3:25 PM ET
OTM Web Extra: Dig Up Deductions
Elda Di Re of Ernst & Young spotlights some commonly overlooked deductions, with CNBC's Sharon Epperson sitting in for Carmen Wong Ulrich.

It’s less than two weeks until Tax Day and you cannot afford to miss any deductions this year. Elda Di Re of Ernst & Young helps you dig some up in Thursday’s Web Extra:

1. Job hunting and/or moving expenses are generally deductible, so long as you move for your new job and that job is in the same field as your current position.

2. Losses for worthless securities. If you have investments in stock, bonds or a business which became worthless in 2008 you can take the deduction on your 2008 return. This does not include your 401(k), though. Capital losses up to $3000 a year are deductible.

3. Don’t forget to take a charitable deduction for any used clothing or appliances that you donated to charity. Also, while you can’t deduct the value of the time you spent doing charitable work, you can deduct your out-of-pocket expenses and the mileage it took to get you to and from the destination.


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