Post by overthecap on Dec 30, 2013 16:50:16 GMT -5
You know the politicians do.
Think like one and benefit.
A few listed...........
Airplane
Rather than drive five to seven hours to check on their rental condo or be tied to the only daily commercial flight available, a couple bought their own plane. The Tax Court allowed them to deduct their condo-related trips on the aircraft, including the cost of fuel and depreciation for the portion of time used for business-related purposes, even though these costs increased their overall rental loss on the condo.
5. Cat Food
A couple who owned a junkyard were allowed to write off the cost of cat food they set out to attract wild cats. The feral felines did more than just eat. They also took care of snakes and rats on the property, making the place safer for customers. When the case reached the Tax Court, IRS lawyers conceded that the cost was deductible.
6. Cat Food, Part II
A woman used her own money to care for feral cats that she fostered in her home for a charity that specialized in the neutering of wild cats. She spent more than $12,000 of her own money paying for vet bills, food and other items.
The Tax Court ruled that she can claim a charitable deduction for her expenses, but limited her write-off because she didn't meet the substantiation rules, failing to procure a contemporaneous written acknowledgment from the charity each time she spent $250 or more on the charity's behest. With the proper documentation, she could have deducted all the costs she incurred for the organization.
8. Payments for Wrongdoing
An insurance company sued two doctors for insurance fraud. The doctors admitted liability and agreed to reimburse the insurer for the losses it sustained, and the insurance company agreed to release a claim for restitution in a pending criminal case. The IRS ruled that the repayments are deductible provided that the doctors originally included the money in their incomes in prior years. But to demonstrate that crime doesn't fully pay, the IRS said the repaid funds are a miscellaneous itemized deduction that's allowed only to the extent it exceeds 2% of the doctors' adjusted gross incomes.
9. Wrecking the Car While Drunk
A reveler drank too much at a party and had the good sense to arrange a ride home. A few hours later, after slowing down in his revelry, he thought he was okay to drive. Unfortunately, the vehicle he was operating slid off the road and rolled over. The cops arrested him for drunken driving because his blood alcohol reading was just over the legal limit. His insurer refused to pay for the damage to his car because of the arrest. Yet the Tax Court let him deduct the cost of the damage as casualty loss because it said that he had tried to act reasonably. Had he driven straight home from the party with a high blood alcohol level and had the accident, the court declared that it would have nixed his deduction because his actions would have constituted gross negligence.
finance.yahoo.com/news/extraordinary-tax-deductions-050001215.html
Think like one and benefit.
A few listed...........
Airplane
Rather than drive five to seven hours to check on their rental condo or be tied to the only daily commercial flight available, a couple bought their own plane. The Tax Court allowed them to deduct their condo-related trips on the aircraft, including the cost of fuel and depreciation for the portion of time used for business-related purposes, even though these costs increased their overall rental loss on the condo.
5. Cat Food
A couple who owned a junkyard were allowed to write off the cost of cat food they set out to attract wild cats. The feral felines did more than just eat. They also took care of snakes and rats on the property, making the place safer for customers. When the case reached the Tax Court, IRS lawyers conceded that the cost was deductible.
6. Cat Food, Part II
A woman used her own money to care for feral cats that she fostered in her home for a charity that specialized in the neutering of wild cats. She spent more than $12,000 of her own money paying for vet bills, food and other items.
The Tax Court ruled that she can claim a charitable deduction for her expenses, but limited her write-off because she didn't meet the substantiation rules, failing to procure a contemporaneous written acknowledgment from the charity each time she spent $250 or more on the charity's behest. With the proper documentation, she could have deducted all the costs she incurred for the organization.
8. Payments for Wrongdoing
An insurance company sued two doctors for insurance fraud. The doctors admitted liability and agreed to reimburse the insurer for the losses it sustained, and the insurance company agreed to release a claim for restitution in a pending criminal case. The IRS ruled that the repayments are deductible provided that the doctors originally included the money in their incomes in prior years. But to demonstrate that crime doesn't fully pay, the IRS said the repaid funds are a miscellaneous itemized deduction that's allowed only to the extent it exceeds 2% of the doctors' adjusted gross incomes.
9. Wrecking the Car While Drunk
A reveler drank too much at a party and had the good sense to arrange a ride home. A few hours later, after slowing down in his revelry, he thought he was okay to drive. Unfortunately, the vehicle he was operating slid off the road and rolled over. The cops arrested him for drunken driving because his blood alcohol reading was just over the legal limit. His insurer refused to pay for the damage to his car because of the arrest. Yet the Tax Court let him deduct the cost of the damage as casualty loss because it said that he had tried to act reasonably. Had he driven straight home from the party with a high blood alcohol level and had the accident, the court declared that it would have nixed his deduction because his actions would have constituted gross negligence.
finance.yahoo.com/news/extraordinary-tax-deductions-050001215.html