Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
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Answer Tax QuestionsCan I claim my child as a dependent if she or he was born in a foreign country ?
Asked Monday, September 25, 2000 by an anonymous user
The dependent must have been at some time a citizen or resident of the U.S., or a resident of Canada or Mexico or a U.S. national.
If the other dependency tests are met, then yes. A child born in a foreign country with one of the parents being a U.S. citizen and one a non-resident alien qualifies as a U.S. citizen and a dependent. Speak to your local CPA for more on the details of claiming the dependent.
Can I claim as a dependent my married son on my tax return?
Asked Monday, September 25, 2000 by an anonymous user
If your married child files a joint tax return, then you may not claim him on your tax return. If he files separately, you may claim him. Speak to your local CPA about the tax strategies involved in this situation.
Private School Tuition
Asked Monday, September 25, 2000 by an anonymous user
Tuition paid for a child in first grade or higher cannot be used as a child care credit or a deduction on your tax return.
Nursery school payments
Asked Monday, September 25, 2000 by an anonymous user
The amount you pay for nursery school or day-care that enables you (and your spouse on a joint tax return) to earn income can be used to calculate a Child Care Tax credit.
Can I claim a deduction for the costs of transportation for my child to the day care center ?
Asked Monday, September 25, 2000 by an anonymous user
No. The costs of driving a dependent to or from a day-care center, or any other transportation, are not deductible and can not be used in a calculation of a child care tax credit.
Standard Meal Allowance - in place of the actual meal costs
Asked Monday, September 25, 2000 by an anonymous user
Yes. While away from home on business trips, if you find it difficult to maintain the actual records of meal costs, you may use a standard IRS meal allowance. The basic meal allowance in the U.S. for the current year is $52 a day. There are higher high-cost major metropolitan area rates available. You must keep a diary which includes the time, place and business purpose of the trip. Speak to your local CPA for the meal allowance in your area in your state. The rates are available online at www.gsa.gov/perdiem and in IRS Pub 1542.
Is the total amount I paid for travel by a cruise ship on a business trip deductible?
Asked Monday, September 25, 2000 by an anonymous user
No. Cruise ship costs are limited to twice the highest per day rate for travel in the U.S. on that date, multiplied by the number of days in transit.
Car loan Interest
Asked Monday, September 25, 2000 by an anonymous user
No. Interest on personal loans such as car and credit card loans are not deductible. Home mortgage loans and interest for loans for business purposes are deductible.
Co-operative apartment Interest
Asked Monday, September 25, 2000 by an anonymous user
Yes. You may claim interest on acquisition or home equity debt loans on residences. A residence includes a house, condominium, cooperative apartment, houseboat, mobile home or house trailer that has sleeping, cooking, and toilet facilities.
The deduction is allowed on IRS Schedule A.
The deduction is allowed on IRS Schedule A.
