Most Outrageous Tax Deductions
The Minnesota Society of CPAs recently surveyed its CPA members to identify the most creative tax deductions proposed by their clients. Here are some of the wackiest suggestions that CPAs heard from their clients.
A taxpayer wanted to claim his elected official as a dependent because he pays his salary.
One woman wanted to include the months she was pregnant in 2011, even though she relinquished rights upon the childs birth.
Yet another taxpayer wanted to claim a former spouse.
Another client wanted to claim the market value of whole blood that the taxpayer donated.
One taxpayer wanted to claim a $100,000 deduction for burning down an old cabin.
Sorry, but gambling losses don't count as charitable deductions.
Private school tuition - not deductible for charity.
Raffle tickets, even when they're for a good cause, and even when you didn't win the trip to Disney World.
Pets proved popular with taxpayers wanting to deduct everything from pet food to vet bills.
A handyman proposed to take a $25,000 mileage deduction, even though he had only $10,000 in revenue. He justified it by saying he drove 50,000 business miles in one year.
A rental house in Arizona for the taxpayers health.
An in-ground swimming pool without a doctors order.
A spouses drug habit.
Breast implants and tummy tucks.
An attorneys fees for a divorce were considered an investment by the former spouse.
A personal luxury car.
Three country club memberships.
A motor home.
The full cost of a wedding.
To check out the Minnesota Society of CPAs' list from last year of the most outrageous tax deductions, visit http://www.accountingtoday.com/news/Top-10-Most-Outrageous-Tax-Deductions-57330-1.html.