Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
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Answer Tax QuestionsLife insurance
Asked Thursday, February 09, 2012 by an anonymous user
The payments to life insurance policies are not deductible.
Parking tickets
Asked Thursday, February 09, 2012 by an anonymous user
The payments of parking tickets and other fines for illegal acts are not deductible.
Dog or Cat expenses
Asked Thursday, February 09, 2012 by an anonymous user
Your pet medical and other expenses are not deductible.
Funeral expenses
Asked Thursday, February 09, 2012 by an anonymous user
Funeral expenses are not deductible on an individual's personal tax return.
Funeral expenses are deductible on an decedent's federal Estate tax return, Form 706.
Funeral expenses are deductible on an decedent's federal Estate tax return, Form 706.
Gambling losses
Asked Thursday, February 09, 2012 by an anonymous user
Gambling losses are allowed as a fully deductible itemized deduction up to the amount of gambling winnings.
House improvements
Asked Thursday, February 09, 2012 by an anonymous user
Improvements to your Residence are not deductible.
The costs are added to your initial cost basis to calculate your increased adjusted cost basis.
Your increased cost basis will be used in the year of sale of your residence to determine the gain on sale.
Improvements to your Rental property are deductible as a repair or a depreciable capital improvement.
The costs are added to your initial cost basis to calculate your increased adjusted cost basis.
Your increased cost basis will be used in the year of sale of your residence to determine the gain on sale.
Improvements to your Rental property are deductible as a repair or a depreciable capital improvement.
Divorce - Lawyer fees
Asked Thursday, February 09, 2012 by an anonymous user
Generally, you may not deduct legal fees paid for arranging a divorce, separation agreement or for defending your spouse's demand for alimony.
Only the fees to collect alimony or for tax advice are deductible as a miscellaneous itemized deduction subject to the 2% AGI limitation.
Legal fees relating to child support are not deductible.
Only the fees to collect alimony or for tax advice are deductible as a miscellaneous itemized deduction subject to the 2% AGI limitation.
Legal fees relating to child support are not deductible.
Job hunting
Asked Thursday, February 09, 2012 by an anonymous user
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.
Political contributions
Asked Thursday, February 09, 2012 by an anonymous user
Political contributions are not deductible.
