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The most frequently asked tax questions, answered by our network of licensed accountants.
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Estate Planning fees
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally, only estate planning fees related to tax matters are deductible. The fees need to be separated on the bill between nontax advice and tax advice and tax planning matters.
Laser vision surgery
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Laser vision surgery such as Eye surgery for nearsightedness is deductible as a medical itemized deduction subject to the 7.5% limitation.
Reconstruction Surgery
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Breast reconstruction after a mastectomy to treat cancer is deductible as a medical itemized deduction subject to the 7.5% limitation.
Generally, cosmetic surgery costs are not deductible.
Generally, cosmetic surgery costs are not deductible.
Contact lenses costs
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The costs of Contact lenses including materials and equipment for using them are deductible as a medical itemized deduction subject to the 7.5% limitation.
Drug addiction treatment costs
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The costs for the treatment and meals and lodging at rehabilitation centers are deductible as medical itemized deductions subject to the 7.5% limitation.
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.