What are some tax deductions for seniors?


Quick Answer

Some tax deductions for seniors include home sales, retirement plan contributions, investment expenses, charitable donations and business expenses, according to FindLaw. Other tax breaks include dental and medical expenses and standard deductions.

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Full Answer

Seniors get a higher standard deduction if they are 65 years and older, notes the U.S. Internal Revenue Service. Seniors suffering from blindness have an even higher standard deduction. A senior who sells a home can claim a certain amount on its profit, and earning money in terms of interests and dividends after retirement earns a person lower tax rates as well. Contributions given to charity are deductible but have certain limitations. Medical expenses, such as insurance premiums and prescription drugs, are tax-deductible, explains Nolo.

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