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The most frequently asked tax questions, answered by our network of licensed accountants.
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Loss on sale of residences
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The loss on your sale of your residence is not deductible.
Driving to work
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally daily commuting to work is not deductible. There are exceptions if the commuting is to a temporary work location, or has many work locations or the taxpayer's home is their principal place of business. You should speak to your CPA to determine if your commuting is deductible.
Funeral expenses
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
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.
Dog or Cat expenses
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Your pet medical and other expenses are not deductible.
House improvements
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
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.
Life insurance
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The payments to life insurance policies are not deductible.
Parking tickets
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The payments of parking tickets and other fines for illegal acts are not deductible.
Telephone expenses
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Basic local phone service for the first residential line even if used for business is not deductible.
business use of a second phone line or cell phone is deductible.
business use of a second phone line or cell phone is deductible.
Youth Programs
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Team sports dues, uniform, tournament, travel expenses are not deductible.
Social Security
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The Social Security and Medicare withholding Taxes taken out of your paycheck and summarized on your W-2 form is not a tax deduction.