True. Most people no longer itemize under the current Tax Code. However, the amount of money involved varies and should be considered.
The same very important debts that a Chapter 13 plan pays are often tax deductible.
And your client is still the person who’s paying, even if the trustee writes the check. Don’t allow them to miss out on these deductions.
Tax deductions in bankruptcy
Let’s look at some common deductions lurking in the Chapter 13 disbursements.
Mortgage interest
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