You can deduct that?!

These far-fetched tax deductions worked for others. Why not you?



From the February/March 2013 issue of the magazine.


Treasure hunt: Claim your metal detector—searching for buried treasure is a business venture.

Poor by choice: Take a vow of poverty and you can deduct the amount of income you gave to your order.

Baby sitting: Write off your child-care expenses for a night out if you’re at work, school or “entertaining clients.”

Gambling losses: If you gamble for a living, you may be able to write off your losses as a business expense.

Banjo rental: Pro musicians can claim rental fees and insurance on instruments. Hoedown anyone?

3 comments on “You can deduct that?!

  1. I lent my brother-in-law $50k to start a business – they have not been successful, can I claim the interest cost against my income? They've had the money for about 4-years now – can I claim previous years interest costs?


    • No ,you can't deduct the interest cost if the money you gave was borrowed. If it was not, then you did not pay interest on it. It is a non arms length transaction, so you just have to swallow hard and take your loss even if you lose all of the original amount.


  2. Go for it buddy


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