Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
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.
Country Club Dues
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Dues paid to Country Clubs, lodges, fraternal orders are 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.
Job hunting
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Job hunting expenses looking for a new job in your present line of work is deductible as an itemized deduction subject to the 2% of AGI limitation.
Expenses would include the costs or resumes, agency fees, transportation to interviews, newspapers bought for employment advertisements.
Expenses incurred looking for a new job in a new trade or business is not deductible.
Expenses would include the costs or resumes, agency fees, transportation to interviews, newspapers bought for employment advertisements.
Expenses incurred looking for a new job in a new trade or business is not deductible.