Interest expense is deductible or not, based on how the borrowed money is spent, not on what property secures it.
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Child support is neither a deductible expense for your husband, nor taxable income for you.
The accounting problems encountered in doing this arise in no small part from getting it allowed as a tax-deductible expense.
Taking your kids to and from school is not a deductible expense even if you stop by the home and school office to say hello to your colleagues.
If your proposed divorce settlement agreement includes alimony payments, in most cases, you will have to declare those payments as taxable income. (Although not commonly done, alimony can be structured as non-taxable income to the recipient and a non-deductible expense to the payor).
If you no longer qualify as a dependent, the expense would not be deductible if paid by your parents.
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So that feels like an expense that should be deductible, right?
That is in theory a deductible business expense, but often it must be capitalized into the cost of the vines depending on how you legally structure your operation.
Instead, the court applied the long-standing principle that it is the origin of the claim, rather than the consequences to the taxpayer from a failure to defeat the claim, that drives whether a settlement payment is a deductible business expense.
Money that you used to gamble is not deductible as a business expense.
Health insurance is deductible as a business expense, but penalties aren't.
Unreimbursed tolls and parking fees are deductible as a miscellaneous expense (by employees) or on Schedule C (by the self-employed), as long as they aren't for commuting.
Well, now you can point to Luis Bulas, a Florida accountant, as proof that best work or no, the bathroom is, in fact, not necessarily deductible as a home office expense.
Yes, the judge said, these fees were deductible as an "ordinary and necessary expense" of being a mobster.
While no prisoner has ever received court-ordered transgender surgery before, the U.S. Tax Court ruled in 2010 that treatment for gender identity disorder (GID) qualifies as a medical expense under the Tax Code, and is therefore deductible.
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These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev.
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This expense of dissemination of the message and of the lectures was paid for by tax-deductible contributions that were made to various 501(C)3 organizations that sponsored the course.
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