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Are the costs of my secondary teacher college courses deductible?
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
Yes since this would not be considered a new job or meeting the minimum requirements of the current job. The following teaching position changes qualify as deductible job changes: elementary to secondary teacher; teacher in one subject changing to another subject; classroom teacher to guidance counselor; or classroom teacher to school administrator, such as a principal.
Nurse - physician's assistant costs
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
Physician's assistants and practical nurses are subject to different certification and registration requirements under state law and they perform different duties.
The costs would be considered as qualifying for a new business or profession and therefore not deductible.
The costs would be considered as qualifying for a new business or profession and therefore not deductible.
Are travel expenses associated with my taking courses to maintain my job skills deductible?
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
Yes. If the courses qualify as deductible educational expenses to improve and maintain your job skills, then the local transportation and travel away from home are deductible. The costs of transportation from your job to school is fully deductible and from school back home is deductible only if school is considered to be on a temporary basis (school will last 1 year or less is temporary basis). The deductible educational expenses will be taken on Form 2106 or on Schedule A, as a miscellaneous deduction subject to the 2% limitation.
Is my trip to Spain deductible because I am a Spanish teacher ?
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
No deduction is allowed for costs of travel claimed as a form of education to maintain familiarity with the country's culture or language or customs.
Are the travel costs I incur to monitor my rental property deductible?
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
Yes. Expenses incurred in managing investment property are deductible even if the property is not currently producing income. You will list this deduction on Schedule E, part I expense line for auto and travel.
Safe Deposit Box
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
If the Safe Deposit Box is used to store investment documents such as securities. It is a miscellaneous itemized deduction entered on IRS Schedule A, subject to the 2% limitation.
Subscriptions
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
Expenses for magazines, books, newsletters, and investment services are deductible as a miscellaneous itemized deduction, subject to the 2% limitation on Schedule A.
Investment management or investment planner fees are also deductible.
Investment management or investment planner fees are also deductible.
Tax preparation fees
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
Tax preparation and audit fees are deductible. A portion of these fees may be allocated to the individual's business tax forms (Schedule(s) C,E,F) or as an itemized deduction on Schedule A subject to the 2% limitation.
Investments & Financial Planning
Is the cost I paid for an investment seminar deductible?
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
No. The cost of an investment seminar or financial planning seminar is not deductible. Convention expenses are only deductible if related to a business activity not an investment activity.
Are the legal fees I paid for my property tax reduction deductible?
Asked Saturday, September 23, 2000 by an anonymous userCPA Answer:
No. Legal fees incurred in reducing an assessment on property are not deductible.