deduct

So in order to pay the full penalty for your brother holding onto this money for 25 years, she could deduct $115,000 from his inheritance.

The COLA, which amounts to an average additional $56 to a beneficiary’s monthly check, will be mostly offset by an expected increase in Medicare premiums that are automatically deducted from Social Security payments.

For example, Chen said, Edison is deducting a homeowner’s full insurance coverage from the compensation amounts even if the insurer has reimbursed the family for only part of that amount.

When minuses exceed pluses, up to $3,000 in losses can be deducted from taxable income.

And the IRS says that such donations can be deducted up to 60% of your adjusted gross income.