Seven Unusual Tax Deductions

15 Mar 2015 20:23 #1 by otisptoadwater
It's that time of year again...



March 6, 2015

We have all heard cases of strange failed tax deductions, such as writing off a personal racehorse as a business entertainment expense, a toothless actor being unable to write off his dentures, and our personal favorite – a business owner who had his store burned by an arsonist, claimed the insurance as income, and tried to deduct the arsonist’s $10,000 fee as a business expense. Some people just don’t know when to stop.

However, there are more than a few odd tax write-offs that do manage to pass IRS scrutiny, or are later approved by the Tax Court. They probably will not apply in your case, but who knows….

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I can explain it to you but I can't understand it for you.

"Any man who thinks he can be happy and prosperous by letting the Government take care of him; better take a closer look at the American Indian." - Henry Ford

Corruptissima re publica plurimae leges; When the Republic is at its most corrupt the laws are most numerous. - Publius Cornelius Tacitus

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