Can I Deduct?

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Can I Deduct?

Hotel Costs for spouse's Cancer treatment

Asked Tuesday, February 28, 2012 by an anonymous user
The cost of lodging you (or anyone accompanying a patient like a parent or spouse) stay in while away from home for medical care is deductible, up to a maximum of $50 per person per night. Note that you can deduct the cost of the hotel room, but not the food bill.
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Can I Deduct?

Long term Care Insurance

Asked Tuesday, February 28, 2012 by an anonymous user
Premiums paid for long-term care insurance are deductible as a medical itemized .
The deduction is limited based on the taxpayer’s age: $360 can be deducted for people 40 and under, $680 for those who are 41-50, $1360 for taxpayers age 51-60, $3,640 for age 61-70 and $4,550 for those older than 70.
Each spouse is treated separately if both can claim the deduction.
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Can I Deduct?

Maintenance fees - Time Share Condo

Asked Tuesday, February 28, 2012 by an anonymous user
Be sure to include the portion of your annual maintenance fee assessment for a time-share condo, which represents your share of the property’s real estate taxes.
This amount should be identified on your annual billing statement.
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Can I Deduct?

Unamortized Points - mortgage interest

Asked Tuesday, February 28, 2012 by an anonymous user
The “unamortized” points from a refinanced home mortgage, when the mortgage loan that generated the points, is refinanced again or is paid off early with a new lender, or the property is sold, is another real-estate-related expense that you can deduct as an Itemized deduction on Schedule A, as mortgage interest.
When you refinance a home mortgage, any points charged on the loan must be deducted, or amortized, over the life of the mortgage.
When the mortgage is paid off early, the balance of the points may be deducted in full in the year the loan is paid off.
Note that If you refinance with the same lender you must continue to amortize the points on the original loan, in addition to any points charged on the new loan.
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Can I Deduct?

Newsletters for tax planning

Asked Tuesday, February 28, 2012 by an anonymous user
You can also deduct seminars, workshops, software, books, reports, newsletters and publications that provide tax planning and preparation advice and information.
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Can I Deduct?

Employer Reimbursements - Nonaccountable Plan

Asked Tuesday, February 28, 2012 by an anonymous user
Your employer will combine the amount of any reimbursement or other expense allowance paid to you under a nonaccountable plan with your wages, salary, or other pay and report the total in box 1 of your Form W-2.
You can deduct your expenses regardless of whether they are more than, less than, or equal to your reimbursement.
Reimbursements you received for nondeductible expenses are treated as paid under a nonaccountable plan. You must include them in your income. You must include in your income reimbursements your employer gave you for expenses of education that you need to meet the minimum educational requirements for your job, or is part of a program of study that can qualify you for a new trade or business.
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Can I Deduct?

Education - Employer Reimbursements

Asked Tuesday, February 28, 2012 by an anonymous user
You must include in your income reimbursements your employer gave you for expenses of education that you need to meet the minimum educational requirements for your job, or is part of a program of study that can qualify you for a new trade or business.
Your employer will combine the amount of any reimbursement or other expense allowance paid to you under a nonaccountable plan with your wages, salary, or other pay and report the total in box 1 of your Form W-2.
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Can I Deduct?

Homeowners Association Fees

Asked Tuesday, February 28, 2012 by an anonymous user
Homeowners association fees for maintaining common areas are not deductible.
Any fees specifically identified as your portion of taxes and/or interest would be allowable.
If you get a bill without a breakdown, none of the fee is deductible.
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Can I Deduct?

Garbage-collection fees

Asked Tuesday, February 28, 2012 by an anonymous user
If your real-estate tax bill includes these costs as part of the tax, then they're allowable.
If you're billed separately for such fees, there's no deduction.
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