Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
Nursing home costs
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally, the costs for medical care including meals and lodging are deductible. If the main reason of being in the nursing home is not primarily for medical care, only the portion allocated to medical care is deductible.
Vasectomy costs
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The costs of a vasectomy and reversal of a vasectomy are deductible as a medical itemized deduction subject to the 7.5% limitation.
Reconstruction Surgery
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Breast reconstruction after a mastectomy to treat cancer is deductible as a medical itemized deduction subject to the 7.5% limitation.
Generally, cosmetic surgery costs are not deductible.
Generally, cosmetic surgery costs are not deductible.
Contributions to organizations outside of the USA
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally, contributions to Foreign organizations other than in Canada, Mexico and Israel charities are not deductible.
Contributions to Lobby's
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Contributions to groups whose purpose is to lobby for law changes are not deductible.
Termite or Moth damage
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Termite or moth damage is not deductible.
Politician's expenses
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
A public official is not allowed to deduct campaign expenses for election or reelection.
A public official is allowed to deduct expenses directly related to performance of their duties in office that are not reimbursed.
A public official is allowed to deduct expenses directly related to performance of their duties in office that are not reimbursed.
Boat loan Interest
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
For the interest on a boat loan to be deductible it has to have sleeping, cooking and toilet facilities and local law must allow for such use.
Mortgage Insurance Premiums
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
In 2011, Mortgage Insurance Premiums paid in connection with acquisition indebtedness on a taxpayers primary or second home are deductible as mortgage residence interest.
The deduction phases out based on your filing status and AGI.
The deduction phases out based on your filing status and AGI.