Ask a CPA

Nursing home costs, including meals and lodging, are deductible as a medical itemized deduction, subject to the 10% / 7.5 AGI limitation on IRS Schedule A as long as the main reason for being in the home is to obtain medical care.
If the reason for entering the nursing home is not primarily to obtain medical care, then only the portion spent on medical treatment is deductible.

A reverse mortgage is used to convert home equity into cash. Payments take the form of a lump sum , line of credit or monthly payments over a specified number of years or over the life of the borrower. The amount being drawn is from the borrower's principal and considered tax-free and Benefits. Generally, the homeowner borrower must be age 65 or older and the residence must be close to being totally paid off.

A reverse mortgage is used to convert home equity into cash. Payments take the form of a lump sum, line of credit or monthly payments over a specified number of years or over the life of the borrower. The amount being drawn is from the borrower's principal and considered tax-free and will not affect the taxability of Social Security benefits. Generally, the homeowner borrower must be age 65 or older and the residence must be close to being totally paid off. To view a reverse mortgage calculation schedule you can go to: http://www.reverse.org/help.calculator.htm

The appraisal fees you paid to determine the fair market value of your donated artwork is not deductible as part of the contribution. The fees would be considered a miscellaneous itemized deduction reported on IRS Schedule A, subject to the 2% AGI limitation.

The IRS created a list of qualified tax exempt organizations for purposes of a charitable contribution deduction. The list is included in IRS Publication 78. It can also be accessed at http://www.irs.ustreas.gov/bus_info/eo/eosearch.html

The IRS created a list of qualified tax exempt organizations for purposes of a charitable contribution deduction. The list is included in IRS Publication 78. It can be accessed at http://www.irs.ustreas.gov/bus_info/eo/eosearch.html

No. Any termite or moth damage costs are not considered casualty losses. Generally, casualty losses occur from auto accidents, earthquakes, fires, floods, hurricanes, sonic booms, storms, thefts, tornadoes, vandalism, volcanic eruptions and other accidents.

As a self-employed individual, you should keep your payroll records for seven years, business income and deduction records for six years after the tax return is filed, and copies of your business tax returns should always be kept.

Lenders usually require PMI if the mortgage loan is more than 80% of the home's purchase price. If you do not have the standard 20% down payment, there are ways to avoid the PMI. Speak to your local CPA about the 80-10-10 financing plan and other strategies to avoid the PMI.

In light of the current budget situation, SS has suspended issuing Social Security Statements.To request a detailed statement of your employment history, Go to the Social Security Administration website at http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/72 and click on the Request for Social Security Earnings Information and mail it to the address on page two of the form. The Social Security Administration says to “Please allow four months from the date you submit the form for a response.”