Tax-deductions Latest Tax Breaks for Generous Grandparents 529 Plans Many states offer a tax deduction for contributions to a 529 college-savings plan to any resident, not just the parents. 529 Plans Tax Breaks for Buying a Home tax deductions From mortgage interest deductions to closing cost write-offs, find out the tax relief benefits for homeowners. By Staff Published 3 February 12 tax deductions 12345678