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The Tax Professionals Blog

Deducting Social Security Legal Fees

Occasionally individuals will incur legal fees to collect Social Security benefits.  Legal expenses, including legal fees and court costs, are deductible when incurred in the production or collection of taxable income.

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Are Homeowner Association Dues Deductible?

In general, there is no Schedule A deduction for homeowner association (HOA) dues.  Whether any part of HOA dues can be a deductible expense depends on how the residence is being used. There are circumstances where HOA dues may be wholly or partially deductible or even add to the residence’s basis, as explained below.

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Retired Public Safety Officer Insurance Exclusion

Eligible retired public safety officers (PSOs) may elect to exclude governmental retirement plan distributions that don't exceed their health or long-term care premiums, if the distributions are paid directly to insurers. The exclusion is limited to $3,000 per year. Any amount excluded isn't deductible as a medical expense for itemized deductions and isn’t includible as health insurance for the self-employed heath insurance deduction (PPA §845). IRS Notice 2007-7 explains the exclusion for qualifying payouts to public safety officers.

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