What is a tax write-off? Adam Middleton for Intuit TurboTax Nov 3, 2026 Nov 3, 2026 Updated Nov 3, 2026 0 Woman reviewing documents at home. PeopleImages // Shutterstock Prefer us on Google Learn More Facebook Twitter Bluesky WhatsApp SMS Email Print Copy article link Save Adam Middleton for Intuit TurboTax kAm%2I HC:E6\@77D[ 2=D@ <?@H? 2D k2 9C67lQ9EEADi^^3=@8]EFC3@E2I]:?EF:E]4@>^565F4E:@?D\2?5\4C65:ED^H92E\2C6\E2I\565F4E:@?D\cb`g^QmE2I 565F4E:@?Dk^2m[ C65F46 E2I23=6 :?4@>6] qJ =@H6C:?8 J@FC E2I23=6 :?4@>6[ J@F 42? C65F46 9@H >F49 J@F @H6]k^AmkAms65F4E:@?D 2C6 5:776C6?E 7C@> E2I 4C65:ED] %2I 4C65:ED 5:C64E=J 4FE J@FC E2I 3:== 3J C65F4:?8 E96 24EF2= E2I6D @H65] w@H6G6C[ 3@E9 H@C< E@ C65F46 J@FC E2I =:23:=:EJ]k^Am kAm%9:D 8F:56 7C@> k2 9C67lQ9EEADi^^EFC3@E2I]:?EF:E]4@>^Qmx?EF:E %FC3@%2Ik^2m H:== 4@G6C E96 32D:4D @7 9@H HC:E6\@77D H@C<] xE 2=D@ 5:D4FDD6D 9@H J@F 42? =6G6C286 E96 565F4E:@?D J@F BF2=:7J 7@C E@ >2I:>:K6 J@FC D2G:?8D]k^Am People are also reading… Cuts to schools, social services on Smyth supervisors' agenda Smyth voters convey their priorities Smyth School Board takes next step to address buildings' needs Would listless MLB team trade unicorn shortstop? Blockbuster possibilities Susan Smith seeks release 32 years after killing sons Citizen files court complaint trying to upend Smyth's data center zoning regulations David Hoffmann: Thank you, Dad, and thanks to all the others who have served this great country Gift of a Guitar: FG4K provides free guitars to Wytheville Minnick School Smyth School Board considers changes to athletic policy for trying out Chilhowie confirms it's exploring boundary adjustment How did Virginia Tech football grade in its loss at SMU? 3 takeaways from Virginia Tech football's loss at SMU Social worker issues appeal for more foster families Pete Hegseth stares down likely impeachment vote. And he's not the only one A Democratic wave and more takeaways from the US midterm elections k9bm%2I ?6HDi (92E 2C6 E96 >@DE C646?E 492?86D E@ E2I HC:E6\@77Dnk^9bmkAm%96 ~?6 q:8[ q62FE:7F= q:== A6C>2?6?E=J 6IE6?5D E96 DE2?52C5 565F4E:@?[ H9:49 ?62C=J 5@F3=65 H:E9 E96 %2I rFED 2?5 y@3D p4E W%rypX] %96 "F2=:7:65 qFD:?6DD x?4@>6 s65F4E:@? H2D 2=D@ A6C>2?6?E=J :?4C62D65] p?5 E96 $p{% 565F4E:@? 92D E6>A@C2C:=J 366? :?4C62D65 E9C@F89 a_ah]k^Am kAmp55:E:@?2==J[ E6>A@C2CJ 565F4E:@?D H6C6 25565 7@C 42C =@2? :?E6C6DE[ 2D H6== 2D 565F4E:@?D 7@C E:AD 2?5 @G6CE:>6 A2J 7@C E2I J62CD a_ad E9C@F89 a_ag]k^Am k9bmz6J E2<62H2JDk^9bmkF=mk=: 52E2\=:DE\:E6>\:5lQ64g3_3_3b656f_7ddbf3e2d_32`ffh_`_Qmp E2I HC:E6\@77 :D 2? 6IA6?D6 J@F 42? 4=2:> E@ C65F46 J@FC E2I23=6 :?4@>6 2?5 96=A =@H6C J@FC E2I 3:==]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6dchc23cbh6hh6h6bf45fffe4a2cdabe`Qm%96 G2=F6 @7 E2I HC:E6\@77D :D 56A6?56?E @? E96 DA64:7:4 565F4E:@? J@F’C6 ECJ:?8 E@ 4=2:> 2?5 >2J G2CJ 56A6?5:?8 @? J@FC 7:=:?8 DE2EFD 2?5 :?4@>6]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6h32`5gd4`57b`_57ca_4cb``c742`_37Qmu@C :?5:G:5F2=D[ D@>6 4@>>@? E2I HC:E6\@77D :?4=F56 >65:42= 6IA6?D6D[ 5@?2E:@?D[ >@CE8286 :?E6C6DE[ 2?5 EC25:E:@?2= x#p 4@?EC:3FE:@?D]k^=:mk=: 52E2\=:DE\:E6>\:5lQ66g455fh36`g5f3ce_6357fc4_2_45gecQmqFD:?6DD6D 2?5 D6=7\6>A=@J65 :?5:G:5F2=D 2C6 2==@H65 E@ HC:E6 @77 46CE2:? 3FD:?6DD 6IA6?D6D[ :?4=F5:?8 9@>6 @77:46[ :?E6C?6E[ >:=6286[ 2?5 A2JC@== 4@DED]k^=:mk^F=m k9bmw@H 5@6D 2 E2I HC:E6\@77 H@C<nk^9bmkAm(C:E6\@77D 2C6 6IA6?D6D E92E J@F’C6 6=:8:3=6 E@ 565F4E @? J@FC :?5:G:5F2= E2I6D] %96D6 :E6>D C6DF=E :? 2 C65F4E:@? :? J@FC A6CD@?2= E2I23=6 :?4@>6] (96? J@F’C6 D6=7\6>A=@J65 2?5 92G6 J@FC @H? 3FD:?6DD[ J@F 42? HC:E6 @77 6IA6?D6D 5:C64E=J C6=2E65 E@ 4@?5F4E:?8 3FD:?6DD]k^AmkAm%96 x?E6C?2= #6G6?F6 $6CG:46 Wx#$X :D C6DA@?D:3=6 7@C 25>:?:DE6C:?8 2?5 4@==64E:?8 E2I6D] (96? J@F 7:=6 J@FC E2I C6EFC?[ E96 x#$ FD6D J@FC C6A@CE65 :?4@>6 >:?FD J@FC E2I 565F4E:@?D W@C E2I HC:E6\@77DX E@ 56E6C>:?6 H92E E2I 3C24<6E J@F’C6 :? 2?5 E96 E2I C2E6 2AA=:65 E@ J@FC E2I23=6 :?4@>6] p E2I 3C24<6E :D 2AA=:65 E@ 2? :?4@>6 C2?86]k^Am kAmu@C 6I2>A=6[ =6E’D D2J H96? J@F 7:=6 J@FC E2I6D[ J@F 2C6 D:?8=6 2?5 J@FC E@E2= C6A@CE65 :?4@>6 :D Sd_[___] p7E6C C65F4:?8 E92E 2>@F?E 3J E96 DE2?52C5 565F4E:@? @7 S`e[`__ 7@C a_ae WS`d[fd_ 7@C a_adX[ J@FC E2I23=6 :?4@>6 :D C65F465 E@ Sbb[h__ 7@C a_ae W@C Sbc[ad_ 7@C a_adX] k^AmkAm%96 DE2?52C5 565F4E:@? C65F46D J@FC C6A@CE65 :?4@>6 2?5[ :? EFC?[ =@H6CD J@FC E2I23=6 :?4@>6 2?5 J@FC E2I 3:==]k^Amk9bm(92E 2C6 DE2?52C5 2?5 :E6>:K65 565F4E:@?Dnk^9bmkAm$E2?52C5 2?5 :E6>:K65 565F4E:@?D 2C6 EH@ HC:E6\@77 @AE:@?D FD65 E@ C65F46 J@FC 25;FDE65 8C@DD :?4@>6 WpvxX[ H9:49 :D E96? FD65 E@ 56E6C>:?6 J@FC E2I23=6 :?4@>6] %96 DE2?52C5 565F4E:@? :D 2 7:I65 ?F>36C E92E :D 32D65 @? J@FC 7:=:?8 DE2EFD[ H9:=6 :E6>:K65 565F4E:@?D 2C6 :?5:G:5F2= 6IA6?D6D J@F 42? 4=2:> :7 J@FC BF2=:7J:?8 HC:E6\@77D 6I4665 E96 DE2?52C5 565F4E:@?]k^Am kAm%JA:42==J[ E96 EJA6 @7 565F4E:@? FD65 H:== G2CJ 7C@> J62C E@ J62C 32D65 FA@? E96 9:896DE @G6C2== E2I 36?67:E AC@G:565 3J 6249 565F4E:@?] ~?=J @?6 >6E9@5 42? 36 FD65 :? 2?J 8:G6? J62C] %96 36DE @AE:@? :D E@ FD6 E96 565F4E:@? E92E C6DF=ED :? E96 =@H6DE E2I23=6 :?4@>6]k^AmkAm%96 DE2?52C5 565F4E:@? :D EJA:42==J 4@?D:56C65 E96 5672F=E[ F?=6DD J@F 92G6 2 =@E @7 =2C86 6IA6?D6D J@F 42? HC:E6 @77] u@C E96 a_ae E2I J62C[ E96 DE2?52C5 565F4E:@? :Dik^AmkF=mk=: 52E2\=:DE\:E6>\:5lQ6fgcaa`b7chagg_3_d_47aefeddgh6cd4QmS`e[`__ 7@C D:?8=6 E2IA2J6CD 2?5 >2CC:65 :?5:G:5F2=D 7:=:?8 D6A2C2E6=Jk^=:mk=: 52E2\=:DE\:E6>\:5lQ66hf5h4`3`_f`a`abch_755h_2dgf`5_3QmSba[a__ 7@C >2CC:65 4@FA=6D 7:=:?8 ;@:?E=Jk^=:mk=: 52E2\=:DE\:E6>\:5lQ65h53d74_e7453bb3e776`d24hegbba6cQmSac[`d_ 7@C :?5:G:5F2=D 7:=:?8 2D 9625 @7 9@FD69@=5k^=:mk^F=m kAmpD @7 yF=J c[ a_ad[ E96 ~?6 q:8[ q62FE:7F= q:== W~qqqX 92D A6C>2?6?E=J 6IE6?565 E96 :?4C62D6 :? E96 DE2?52C5 565F4E:@?[ H9:49 H2D ?62C=J 5@F3=65 3J E96 %2I rFED 2?5 y@3D p4E W%rypX @7 a_`f[ >62?:?8 >@C6 E2IA2J6CD 42? D:>A=:7J E96 7:=:?8 AC@46DD 3J 4=2:>:?8 E96 DE2?52C5 565F4E:@?]k^AmkAm$@>6 A@AF=2C :E6>:K65 565F4E:@?D :?4=F56ik^AmkF=mk=: 52E2\=:DE\:E6>\:5lQ63466362f3d_e6`5e`_32624edeh43fc6Qm!C@A6CEJ E2I6D 2?5 DE2E6 :?4@>6 E2I6Dk^=:mk=: 52E2\=:DE\:E6>\:5lQ62f_d`g`f5cd56`aa4f76`hacf2ghga47Qm|@CE8286 :?E6C6DEk^=:mk=: 52E2\=:DE\:E6>\:5lQ6e4_h`ae475cg36gbadgh_`7gc37367ebQm|65:42= 6IA6?D6Dk^=:mk=: 52E2\=:DE\:E6>\:5lQ6f5d5chfb6d6db2_2g3_6e3ac65c5_gf2Qmr92C:E23=6 4@?EC:3FE:@?Dk^=:mk^F=m kAm(96? :E6>:K:?8 565F4E:@?D[ J@F’== H2?E E@ E2<6 2?J HC:E6\@77D E92E J@F’C6 6=:8:3=6 7@C E@ >2I:>:K6 J@FC E2I D2G:?8D]k^Amk9bm(92E’D E96 5:776C6?46 36EH66? 2 E2I 565F4E:@? 2?5 2 E2I 4C65:En k^9bmkAm&?=:<6 E2I 565F4E:@?D[ E2I 4C65:ED 2C6 2 5@==2C\7@C\5@==2C C65F4E:@? @7 E96 E2I6D J@F @H6] u@C 6I2>A=6[ 2 S`__ 4C65:E C65F46D J@FC E2I =:23:=:EJ 5@==2C\7@C\5@==2C 3J S`__] ~? E96 @E96C 92?5[ 2 565F4E:@? C65F46D J@FC E2I23=6 :?4@>6 3J S`__] %96 C6DF=E:?8 2>@F?E @7 E2I J@F D2G6 56A6?5D @? J@FC k2 9C67lQ9EEADi^^3=@8]EFC3@E2I]:?EF:E]4@>^E2I\A=2??:?8\a^H92E\:D\2\E2I\3C24<6E\ac__f^QmE2I 3C24<6Ek^2m]k^Am kAmx7 J@F H6C6 :? E96 acT E2I 3C24<6E[ 2 S`__ 565F4E:@? H@F=5 C65F46 J@FC E2I6D 3J Sac] ~? E96 @E96C 92?5[ 2 S`__ 4C65:E H@F=5 C65F46 J@FC E2I6D 3J S`__] r@>>@? 4C65:ED :?4=F56 E96 k2 9C67lQ9EEADi^^3=@8]EFC3@E2I]:?EF:E]4@>^E2I\565F4E:@?D\2?5\4C65:ED\a^H92E\:D\E96\a_a`\49:=5\E2I\4C65:E\F?56C\DE:>F=FD\C6=:67\chddb^Qmr9:=5 %2I rC65:Ek^2m[ E96 k2 9C67lQ9EEADi^^3=@8]EFC3@E2I]:?EF:E]4@>^E2I\565F4E:@?D\2?5\4C65:ED\a^92AAJ\62C?65\:?4@>6\E2I\4C65:E\2H2C6?6DD\52J\2C6\J@F\6=:8:3=6\`ggha^Qmt2C?65 x?4@>6 %2I rC65:Ek^2m[ 2?5 E96 k2 9C67lQ9EEADi^^3=@8]EFC3@E2I]:?EF:E]4@>^E2I\A=2??:?8\a^d\6?5\@7\DF>>6C\A=2??:?8\E:AD\E@\96=A\J@F\D2G6\2E\E2I\E:>6\`d_ff^Qmr9:=5 2?5 s6A6?56?E r2C6 rC65:Ek^2m]k^Am kAmv6?6C2==J[ E96 >2;@C:EJ @7 565F4E:@?D 2?5 4C65:ED A92D6 @FE 2E 9:896C :?4@>6D] %96 x#$ 56E6C>:?6D H92E 6IA6?D6D 2C6 4@?D:56C65 =68:E:>2E6 HC:E6\@77D]k^Amk9bmw@H >F49 2C6 E2I HC:E6\@77D H@CE9nk^9bmkAm%96 2>@F?E E92E 2 E2I HC:E6\@77 :D H@CE9 56A6?5D @? D6G6C2= 724E@CD DFCC@F?5:?8 E96 565F4E:@? @C 4C65:E[ :?4=F5:?8 =:>:ED[ H9:49 2C6 AC6D4C:365 3J E96 E2I AC@G:D:@?D] %96D6 =:>:ED 42? 56A6?5 @? D6G6C2= 724E@CD[ DF49 2Dik^AmkF=mk=: 52E2\=:DE\:E6>\:5lQ623f`e4gdae_he3a22hc`7f7c5ech22h5Qmu:=:?8 DE2EFDk^=:mk=: 52E2\=:DE\:E6>\:5lQ6af5cedfeed74`4cdfg3325ae5_b34`fdQmx?4@>6k^=:mk=: 52E2\=:DE\:E6>\:5lQ6dc7cad55gc33b`ebd7_`had42gfgh7b2Qms6A6?56?EDk^=:mk^F=m kAmv6?6C2==J[ E96 2>@F?E J@F 42? HC:E6 @77 :D =:>:E65 32D65 @? J@FC 25;FDE65 8C@DD :?4@>6] p? 6I2>A=6 @7 E9:D :D E96 k2 9C67lQ9EEADi^^3=@8]EFC3@E2I]:?EF:E]4@>^E2I\565F4E:@?D\2?5\4C65:ED\a^65F42E:@?^:D\>J\DEF56?E\=@2?\E2I\565F4E:3=6\`_`ee^QmDEF56?E =@2? :?E6C6DE 565F4E:@?k^2m[ H9:49 368:?D E@ A92D6 @FE H96? :?4@>6 6I4665D Sgd[___ 2D 2 D:?8=6 A6CD@? @C S`f_[___ 7@C 4@FA=6D H9@ 2C6 >2CC:65 7:=:?8 ;@:?E=J[ 7@C a_ad] %96 A92D6@FE 2>@F?E 7@C D:?8=6 7:=6CD C6>2:?D E96 D2>6 7@C E2I J62C a_ae[ H9:=6 :E :?4C62D6D E@ S`fd[___ 7@C E9@D6 7:=:?8 ;@:?E=J]k^Am kAmx? D@>6 42D6D[ :E’D A@DD:3=6 E92E E2<:?8 E96 E2I HC:E6\@77 H@F=5 ?@E 36 E@ J@FC 36?67:E] u@C 6I2>A=6[ :7 J@FC k2 9C67lQ9EEADi^^3=@8]EFC3@E2I]:?EF:E]4@>^E2I\565F4E:@?D\2?5\4C65:ED\a^H92ED\E96\5:776C6?46\36EH66?\2\E2I\4C65:E\2?5\2\E2I\565F4E:@?\fgbg^QmE@E2= :E6>:K65 565F4E:@?D 2C6 =6DD E92? E96 DE2?52C5 565F4E:@? 2>@F?Ek^2m 7@C J@FC 7:=:?8 DE2EFD[ :E H@F=5 36 :? J@FC 36DE :?E6C6DE E@ 49@@D6 E96 DE2?52C5 565F4E:@?]k^Am kAmk2 9C67lQ9EEADi^^3=@8]EFC3@E2I]:?EF:E]4@>^E2I6D\`_`^H92E\:D\2\E2I\HC:E6\@77\cch_^Qmk6>m%9:D DE@CJk^6>mk^2mk6>m H2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^EFC3@E2I]:?EF:E]4@>^Qmk6>mx?EF:E %FC3@%2Ik^6>mk^2mk6>m 2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2mk6>m]k^6>mk^Am 0 Comments Originally published on blog.turbotax.intuit.com, part of the BLOX Digital Content Exchange. The business news you need Get the latest local business news delivered FREE to your inbox weekly. Sign up! * I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy. Related to this story Most Popular One Big Beautiful Bill: Your top questions answered Intuit TurboTax reports the One Big Beautiful Bill extends key tax provisions, introducing changes for 2026, including higher SALT limits, new… Is a Roth IRA conversion worth it? The one thing that matters Intuit TurboTax reports on IRA conversions, comparing Traditional and Roth IRAs to help you decide which is best based on current and future t… Student loan debt report: Signs of strain heading into 2027, according to new Credit Karma data Intuit Credit Karma reports on rising student loan strain as borrowers face new repayment plans. Many are deferred, with increased delinquency… Experts say climate change is impacting home insurance: Do homeowners see it? Insurance.com reports that a survey reveals homeowners are unsure about the impact of climate change on rising home insurance rates, with only… Watch Now: Related Video Tesla Adds Cybertruck Shift Before Major Factory Change Who is Stephen Miller? Meet Trump's new chief of staff Who is Stephen Miller? Meet Trump's new chief of staff Why Tesla is ending Cybertruck production Why Tesla is ending Cybertruck production Judge temporarily halts construction of Trump's proposed DC arch Judge temporarily halts construction of Trump's proposed DC arch
One Big Beautiful Bill: Your top questions answered Intuit TurboTax reports the One Big Beautiful Bill extends key tax provisions, introducing changes for 2026, including higher SALT limits, new…
Is a Roth IRA conversion worth it? The one thing that matters Intuit TurboTax reports on IRA conversions, comparing Traditional and Roth IRAs to help you decide which is best based on current and future t…
Student loan debt report: Signs of strain heading into 2027, according to new Credit Karma data Intuit Credit Karma reports on rising student loan strain as borrowers face new repayment plans. Many are deferred, with increased delinquency…
Experts say climate change is impacting home insurance: Do homeowners see it? Insurance.com reports that a survey reveals homeowners are unsure about the impact of climate change on rising home insurance rates, with only…