Tax deductions are expenses or losses that are subtracted from gross income to reduce taxable income.

Capital gains deductions are not a common type of tax deduction because they are only available to taxpayers who sell capital assets, such as stocks or real estate.

The standard deduction for a single taxpayer in 2023 is $13,850.

All of the above are examples of itemized deductions.

The maximum amount of the dependent deduction for a qualifying child in 2023 is $4,300.

The dependent does not need to live with the taxpayer for more than half the year to be claimed as a dependent.

The phase-out range for the dependent deduction in 2023 is $125,000-$175,000.

Cosmetic surgery is not a medical expense that can be deducted on a tax return.

The maximum amount of the medical expense deduction in 2023 is 7.5% of AGI.

Loss of property due to neglect is not a casualty loss that can be deducted on a tax return.

The maximum amount of the casualty loss deduction in 2023 is $10,000.

Gambling losses are not a miscellaneous itemized deduction.

The maximum amount of the miscellaneous itemized deduction in 2023 is 2% of AGI.

The standard deduction is not a tax credit.

The maximum amount of the earned income tax credit in 2023 for a taxpayer with three qualifying children is $8,860.