The Tax Professionals Blog — deductions
Equitable Ownership and Mortgage Deductions
Posted by Lee Reams Sr. on
You may sometimes encounter a taxpayer who is making mortgage payments on a residence even though he or she is not liable on the loan and therefore is generally unable to deduct the interest. Deducting Partner Expenses
Posted by Lee Reams Sr. on
A frequent question that arises is how to handle the deductible business expenses of individuals in a partnership. Generally, the partnership should reimburse each partner for any allowable expenses; those expenses would then be deducted on the partnership’s 1065 return.Are Work Clothes and Uniforms Deductible?
Posted by Lee Reams Sr. on
The costs of purchasing and upkeep of work clothing are deductible if the following two requirements are met.Deducting IRA Losses
Posted by Lee Reams Sr. on
A question that frequently arises is “can IRA losses be deducted?” The answer to that question is yes, but only under certain very limited circumstances.
Are Specialty Medical Devices and Supplies Deductible?
Posted by Lee Reams Sr. on
Medical expenses are defined as the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body including dental expenses (Sec 213(d)(1)).