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Home Equity Interest
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Home Equity interest is deductible as qualified mortgage interest and deductible as an Itemized deduction on Schedule A.
It is a deduction for regular tax purposes no matter how the proceeds are used.
It is a deduction for regular tax purposes no matter how the proceeds are used.
Boat loan Interest
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
For the interest on a boat loan to be deductible it has to have sleeping, cooking and toilet facilities and local law must allow for such use.
Mortgage Insurance Premiums
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
In 2011, Mortgage Insurance Premiums paid in connection with acquisition indebtedness on a taxpayers primary or second home are deductible as mortgage residence interest.
The deduction phases out based on your filing status and AGI.
The deduction phases out based on your filing status and AGI.
Contributions to organizations outside of the USA
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally, contributions to Foreign organizations other than in Canada, Mexico and Israel charities are not deductible.
Contributions to Lobby's
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Contributions to groups whose purpose is to lobby for law changes are not deductible.
Country Club Dues
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Dues paid to Country Clubs, lodges, fraternal orders are not deductible.
Termite or Moth damage
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Termite or moth damage is 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.
Tax Preparation fees
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Tax preparation or Audit representation are deductible itemized deduction subject to the 2% of AGI limitation.
Union dues
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Union dues are deductible itemized deduction subject to the 2% AGI limitation.