Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
Are my business travel expenses for the cruise ship deductible?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
If you travel by cruise ship for business the deductible cruise ship costs are limited to 2x the highest federal per diem rate for travel in the US. go to www.gsa.gov and click on per diem rates.
Is my margin interest from my brokerage account reported to the IRS ?
Asked Friday, January 26, 2001 by an anonymous userCPA Answer:
The IRS does not require brokerage firms to report margin interest on the form 1099-INT. Generally, the amount is reported on the statement you receive from your brokerage firm as margin interest paid on the non-reportable section of the Consolidated 1099.
My daughter turned 19 in December, Can I use her for the child tax credit calculation ?
Asked Wednesday, January 17, 2001 by an anonymous userCPA Answer:
No. She is not a qualifying child for the child tax credit because she was not under age 19 as of the end of the year.
Can I claim a child tax credit for my grandchild that lives with me that I claim as a dependent ?
Asked Wednesday, January 17, 2001 by an anonymous userCPA Answer:
A qualifying child for the child tax credit must be a grandchild, son or daughter, adopted child or eligible foster child. That child must live with you and you claim her as a dependent and she is under age 17 at the end of the year and a citizen or resident of the US. If so, then you can claim her as a qualifying child for the child tax credit.
What is the amount that receipts for business transportation and entertainment expenses are required ?
Asked Tuesday, January 16, 2001 by an anonymous userCPA Answer:
Generally, IRS no longer requires receipts for business transportation and entertainment unless the expense exceeds $75. A business diary with details of the time, place, person you met with and the reason for the meeting should always be maintained. Your expenses for lodging always require detailed receipts, regardless of the amount.
What are the tax court guidelines for determining if a convention trip is business or personal ?
Asked Tuesday, January 16, 2001 by an anonymous userCPA Answer:
Generally, the tax court guidelines for determining if a trip is business or personal is (a) The primary purpose of the trip is business related, (b) the amount of time spent on personal activity compared with the amount of time spent on the business activity, (c) the location of the convention.
Are the travel costs I incurred to see my Attorney about my investments deductible ?
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
Travel costs to speak with your attorney, CPA, investment advisor about your investments or the production of income can be deducted as a miscellaneous itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Are the travel costs I incurred to see my CPA about my investments deductible ?
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
Travel costs to speak with your attorney, CPA, investment advisor about your investments or the production of income can be deducted as a miscellaneous itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Are the travel costs I incurred to see my accountant about my investments deductible ?
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
Travel costs to speak with your attorney, CPA, investment advisor about your investments or the production of income can be deducted as a miscellaneous itemized deduction subject to the 2% AGI limitation on IRS Schedule A.