Can I Deduct?

Estate Planning fees

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
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Can I Deduct?

Laser vision surgery

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

Laser vision surgery such as Eye surgery for nearsightedness is deductible as a medical itemized deduction subject to the 7.5% limitation.
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Can I Deduct?

Reconstruction Surgery

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
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Can I Deduct?

Contact lenses costs

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
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Can I Deduct?

Drug addiction treatment costs

Asked Thursday, February 09, 2012 by an anonymous user

CPA 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.
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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.
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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.
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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.
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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.
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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.
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