Tax 2004: Itemizing

Forget about deductions for most payments of interest on consumer loans — for example, car payments and credit-card charges. There is a limited exception for interest on student loans.

Moreover, there are restrictions on deductions for interest on money borrowed to finance investments — say, margin accounts used to buy stocks.

Julian Block is an attorney and former IRS special agent (criminal investigator) and accomplished writer on taxes. His Year Round Tax Savings 2004 covers key changes introduced by the 2003 tax act, shows how to save on taxes — legally — and explains steps to reduce taxes this year and get a head start for next. Send $9.95 for an e-mailed copy or $14.95 (in the U.S.) for a postpaid copy to: J. Block, 3 Washington Square, #1-G, Larchmont, NY 10538-2032. Contact him at julianblock@yahoo.com.