Can I Deduct?

Loss on sale of residences

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

The loss on your sale of your residence is not deductible.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

Driving to work

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

Funeral expenses

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

Dog or Cat expenses

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

Your pet medical and other expenses are not deductible.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

House improvements

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

Life insurance

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

The payments to life insurance policies are not deductible.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

Parking tickets

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

The payments of parking tickets and other fines for illegal acts are not deductible.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

Telephone expenses

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

Youth Programs

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

Team sports dues, uniform, tournament, travel expenses are not deductible.
CPAdirectory
Answer Provided by: CPAdirectory

Can I Deduct?

Social Security

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
CPAdirectory
Answer Provided by: CPAdirectory