What would you like to do?
Answer Generally no. However, there may be a medically required aspect to look at. In fact, I have found that some facilities have a type of billing that breaks out the… medical component of what they provide (nurse fee's,, doctor visit, etc), which may be deductible. Finally, I have seen one major chain (agreably where the residents have a buy in), break out a real property tax component, presumably so you can take advantage of that too. It may be deductible if living there meets the requirements of qualified long-term care services. This generally requires that within the previous 12 months a licensed doctor has certified that the individual meets one of two requirements: 1. He or she is unable to perform at least 2 out of 6 activities of daily living without the help of another person. Those activites are eating, toileting, transferring, bathing, dressing, and continence. 2. He or she requires substantial supervision for their own health and safety. I could see where someone with Alzheimer's disease may not require the services of a nursing home but instead enter an assisted living facility. If the requirements above are met, then the cost would be deductible as a medical expense. For residents that are not chronically ill, you can deduct those expenses that can be identified as medical expenses.
If use of a cell phone is required for your business, it should be deductible. If you also use it for personal business, you need to calculate the percentage of business… use and deduct only that portion of the monthly service fee and air-time charges for the business calls.
No. Check out the below URL, type CTRL +F and enter in "restructuring" in case you are skeptical. http://www.business.uconn.edu/users/smf/deferred_taxes.htm
Remeber that sales tax is a state by state tax so rules vary. Most states will require the same sales tax charged by nonprofits that is charged by for profits. Otherwise…, the competition is not fair.
Presuming your the lender - you may be able to deduct the value of the asset that has no longer any chance of being recovered. Also, if you already recognized any income… (under your accounting method) that you paid tax on and then didn't actually receive, you can take that too. Obviously, all the documentation requirements and all events tests must be met, and you must have income of the right type and time to use the expense against. Small compensation...lose $1 and maybe, if you can, get a 25c tax break and maybe return of tax you previously overpaid.
No. Since profits from mutual fund investments are non taxable their losses cannot be used for tax deductions.
Is not always a true statement
See this link - IRS pub. 936 p. 7. Very well explained. http://www.irs.gov/pub/irs-pdf/p936.pdf Hope this helps! "Mortgage insurance provided by the Department of Veterans Aff…airs is commonly known as a funding fee."
Not unless you sold (redeemed) the fund shares. If you are still hanging onto the shares, then there is no loss to report. When you sell the shares, you report the sale on S…chedule D. It is too late to report a 2008 loss unless you sold the shares in 2008.
Certain IRA administrative fees, whether or not you're currently taking distributions, are deductible, but they have to be paid by the account owner's non-IRA funds. You're ri…ght that investment fees paid to produce taxable income are tax-deductible. These expenses are miscellaneous itemized deductions subject to an overall reduction of 2 percent of adjusted gross income. The key to deducting the IRA fees is to cut a check or use a credit card to pay the broker the annual maintenance fees. For example, if your broker charges you $150 for the IRA annually, you need to pay this to the broker from non-IRA assets for it to be deductible. The payment is not considered an additional contribution, but rather a miscellaneous itemized deduction. On the other hand, if your broker charges a 1 percent-of-asset-value fee to invest your IRA, these fees cannot be reimbursed to the IRA. That would be considered an additional contribution as it is not an administrative fee. Since your broker is deducting this from your IRA, this investment charge is not deductible to you as it is coming out of pretax dollars Read more: http://www.bankrate.com/finance/taxes/are-investment-fees-tax-deductible.aspx#ixzz2vrNsfdej Follow us: @Bankrate on Twitter | Bankrate on Facebook
Probably if you knew or should have known about the fee before the NSF happened. If you could not know then you may have a basis for dispute.
Social Security is funded by FICA; Medicare is funded by Medicare tax.
No GMIB charges on annuities are not tax deductible. However,a GMIB annuity is tax-deferred so the taxes will not be due on any money until after it is withdrawn.
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It varies on the jurisdiction under which the loan was taken out and the purpose of the loan. Generally speaking, if a loan is taken out to benefit a business, the business …can claim the interest on that loan as a business expense and offset it against income. A loan taken out for personal reasons, however, does not fit that profile. Interest on a loan taken out for personal reasons, and interest on credit cards, which are basically the same thing, are not tax deductible. In the United States of America, interest you pay on the mortgage of your principal residence could be written off against income. That may not be true any longer. If you have any questions about this, I strongly recommend consulting the tax code of your country, or a competent tax lawyer.
On settlement statement from HUD there is a settlement charge. Is this entire charge a tax deduction?