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THE WEIRDEST TAX WRITE OFFS
Hidden asset-The deduction was legitimate; it was the underlying asset that proved to be the problem.
“We were going over their tax information, and the tax manager asked the gentleman, ‘Now what about the mortgage interest deduction for the condo in Utah?’ Unfortunately, the wife didn’t know about the condo in Utah, where he had set up his mistress. It was a big ‘oops’ moment. There was this stony silence in the room. It was absolutely awful,” she recalls.
Dog-ductions- You think it’s had to find good help? Tell it to the IRS.
A landscaper who was under audit with the IRS had deducted the expense of their dog because he would pull the wagon on landscaping jobs. They felt he was out there helping. He may have been listed as an INDEPENDENT CONTRACTOR!
Clothes (deductions) make the man-Here’s a line of thought we’ve all tried on at one time or another: I have to look professional at work, so why shouldn’t I deduct the cost my suits, shoes and ties? And of course that is perfectly allowable –on Uranus!
Here on Earth, however, a less generous tax rule applies: “I was dealing with a male model who wanted to write off his entire wardrobe because he needed to look good all the time. Basically, if you are required to wear a uniform of a nature that you’re not going to wear out in public socially, such as an auto mechanic’s blue jumpsuit with a patch that says “John” or nursing clothes, you can write them off. It’s basically clothes that you’re only going to wear at work; you’d be embarrassed to go to the bar in them. If it’s clothes that you can wear on a daily basis, you cannot write them off. Businessmen or businesswomen trying to write off their suites will not fly.”