Can I Deduct?

Garbage-collection fees

Asked Tuesday, February 28, 2012 by an anonymous user

CPA Answer:

If your real-estate tax bill includes these costs as part of the tax, then they're allowable.
If you're billed separately for such fees, there's no deduction.
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Can I Deduct?

Long term Care Insurance

Asked Tuesday, February 28, 2012 by an anonymous user

CPA Answer:

Premiums paid for long-term care insurance are deductible as a medical itemized .
The deduction is limited based on the taxpayer’s age: $360 can be deducted for people 40 and under, $680 for those who are 41-50, $1360 for taxpayers age 51-60, $3,640 for age 61-70 and $4,550 for those older than 70.
Each spouse is treated separately if both can claim the deduction.
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Can I Deduct?

Hotel Costs for spouse's Cancer treatment

Asked Tuesday, February 28, 2012 by an anonymous user

CPA Answer:

The cost of lodging you (or anyone accompanying a patient like a parent or spouse) stay in while away from home for medical care is deductible, up to a maximum of $50 per person per night. Note that you can deduct the cost of the hotel room, but not the food bill.
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Can I Deduct?

Maintenance fees - Time Share Condo

Asked Tuesday, February 28, 2012 by an anonymous user

CPA Answer:

Be sure to include the portion of your annual maintenance fee assessment for a time-share condo, which represents your share of the property’s real estate taxes.
This amount should be identified on your annual billing statement.
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Can I Deduct?

Unamortized Points - mortgage interest

Asked Tuesday, February 28, 2012 by an anonymous user

CPA Answer:

The “unamortized” points from a refinanced home mortgage, when the mortgage loan that generated the points, is refinanced again or is paid off early with a new lender, or the property is sold, is another real-estate-related expense that you can deduct as an Itemized deduction on Schedule A, as mortgage interest.
When you refinance a home mortgage, any points charged on the loan must be deducted, or amortized, over the life of the mortgage.
When the mortgage is paid off early, the balance of the points may be deducted in full in the year the loan is paid off.
Note that If you refinance with the same lender you must continue to amortize the points on the original loan, in addition to any points charged on the new loan.
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Can I Deduct?

Teaching supplies

Asked Tuesday, February 28, 2012 by an anonymous user

CPA Answer:

If you're a qualified educator, you can get an above-the-line deduction of as much as $250 for materials you bought in 2011.
Materials includes books, supplies and even computer equipment.
You qualify if you're a kindergarten through grade 12 teacher, aide, instructor or principal. Since it's an AGI above-the-line deduction, you don't have to itemize to get it. You can claim amounts in excess of $250 on Schedule A as a miscellaneous Itemized deduction subject to the 2% limitation.
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Charitable Deductions

Charitable Organizations - Selective Recipient listing

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

A partial list of acknowledged Registered organizations
Churches, temples, synagogues, mosques and other religious organizations.
Public charities such as United Way, Salvation Army, Goodwill Industries, Red Cross, Boys and Girl scouts, Boys and Girl Clubs of America, CARE etc.
War veterans' groups
Nonprofit volunteer fire companies, hospitals and schools.
Public Parks and recreation facilities.
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Can I Deduct?

Blood given at a blood bank

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

You cannot deduct the value of blood given at a blood bank.
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Charitable Deductions

How much of a deduction can I take for my donated goods?

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

There are valuation guides available to the public to calculate an amount for noncash contributions.
You can go to the Salvation Army website to view their Donated Goods Valuation Guide at www.salvationarmyusa.org
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