Comments on: What Are Tax Deductions?

By: Cort Arlint, Esq., CPA, MBA

Cort Arlint, Esq., CPA, MBA — Mon, 11 Apr 2011 05:33:52 +0000

@Craig: no HOA fees do not qualify as itemized deductions.

@Kathleen: no rent payments not deductible.

@Delores: Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. If the trip is for pleasure then it cannot be deducted even if you are a travel agent. For more info see irs website http://www.irs.gov/taxtopics/tc511.html

@John: I am not a fortune teller but there are other energy credits available right now for solar purchases such as solar hot water heaters.

@Randy: Probably not a deduction, you might be able to argue they are a charity donation but you are not giving the equipment to the city.

Cort Arlint

By: Larry Wilkerson

Larry Wilkerson — Sat, 09 Apr 2011 12:42:42 +0000

I have turbo tax deluxe that I am using and I am almost through. I have to pay taxes and from what I have seen My wife and I could purchase a Roth IRA and reduce our taxable income by the amount of the IRA, we should be able to purchase $5000 with the chance for the additional $1000. We are married filing jointly.

Thanks

By: Randy

Randy — Tue, 05 Apr 2011 04:51:23 +0000

I am a volunteer with search and rescue. Where do I deduct all the gear (that the county does not provide) to perform my duties I purchased over the past year?

By: JOHN WHITE

JOHN WHITE — Tue, 15 Mar 2011 19:27:49 +0000

DO WE ANTICIPATE ANY TAX BENEFIT FOR PURCHASING & INSTALLING SOLAR POWER ON PRIVATE HOME DWELLINGS?

By: DELORES

DELORES — Wed, 09 Mar 2011 23:29:18 +0000

Do travel agent travel and car is deductable

By: Kathleen Jones

Kathleen Jones — Tue, 01 Mar 2011 19:25:59 +0000

I pay lot rent monthly for the leased land in a manufactured home park. Is it deductible?

By: craig stephenson

craig stephenson — Fri, 04 Feb 2011 22:43:21 +0000

Are HOA fees eligible for deductions ?