Define trade discount: a deduction from the list price of goods allowed by a manufacturer or wholesaler to a retailer a deduction from the list price of goods allowed by a manufacturer or wholesaler to a retailerâ¦ See the full definition
Real estate taxes when you buy a home. If you bought a home during the year, check to see if the seller had prepaid property taxes for a period you actually owned the home. If so, include that amount in your property tax deduction for the year. . .even if you did not reimburse the seller. Recreational vehicle. If your RV has cooking, sleeping and sanitation facilities, interest on a loan used to buy it can qualify as deductible mortgage interest on a first or second home.
If you use your home purely as your personal residence, you cannot deduct the cost of home improvements. These costs are nondeductible personal expenses. However, this doesn't mean that home improvements do not have a tax benefit.