Deductions and Write-Offs

The depreciation year classification of a car used for business is 5 year property (5 year useful life)for MACRS depreciation purposes.

Generally not. Interest income is defined as portfolio income, not passive income. Portfolio income includes interest, dividends, and gains on the sale of investment property. Passive K-1 losses can only be used to offset other passive income, except when the $25,000 special loss allowance for persons with active participation in rental real estate entities can be utilized. Speak to your local CPA about your K-1 loss deductibility.

No. The K-1 disallowed losses due to the At Risk limitation rules are not lost and can be carried over and may be deductible in future years. The term "At risk" means the exposure to the danger of economic loss. A person can claim a tax deduction in a limited partnership up to the amount he or she is at risk if the taxpayer can show it is at risk of never realizing a profit and of losing its initial investment

Unreimbursed payments for long term care services for chronically ill individuals are deductible medical expenses subject to certain age limitations and to the 10% / 7.5% AGI limitation on IRS Schedule A.
For year 2016 the maximum deductible premium amounts are $390 if you are age 40 or younger , $730 for those ages 41 - 50, $1,460 for those 51-60, $3,900 for those age 61-70 and $4,870 for those over age 70.

Qualified long term care insurance contracts will generally be treated as health insurance for purposes of the self-employed health insurance deduction on IRS Form 1040 page 1.

Tax-exempt interest from municipal bonds, exempt interest dividends from a mutual fund or other regulated investment company, although not taxable, is reportable to the IRS on Form 1040 line 8b, as well as on Schedule B.

Yes. The amount of the penalty on early withdrawal from your savings certificate is listed as an adjustment to income on Form 1040 line 30.

Interest earned on U.S. Treasury bonds is fully taxable for Federal purposes and reportable on IRS Schedule B, but not subject to state or local income taxes.

Generally There is no federal tax due on interest on bonds from states, cities, counties, possessions of the U.S. or the District of Columbia.
Generally, these same items have to be added back as income on the state return subject to state tax.

Original Issue Discount (OID) occurs when a long-term debt instrument is issued at a price that is lower than its stated redemption value. OID is the difference between the stated redemption price at maturity and the issue price of a debt instrument.
OID interest usually is found in debt instruments of bonds or notes. Generally, a 1099-OID slip is issued with the taxable amount included.
OID interest is reportable on IRS Schedule B. There are certain exceptions to the OID requirements, as well as situations when the OID slip may be ignored.
Speak to your local CPA or check IRS publication 1212 about the reporting of the 1099-OID on your tax return.