Above The Line Deduction

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Dictionary Says

Definition of 'Above The Line Deduction'


Above the line deductions are certain types of deductions that are subtracted from your income before the adjusted gross income is calculated for tax purposes.

Investopedia Says

Investopedia explains 'Above The Line Deduction'


Above the line deductions include such items as losses on a property sale, alimony payments and educational expenses. Since above the line deductions are generally deducted from taxable income, they are advantageous to taxpayers in the sense that they reduce the overall tax burden.



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