You can deduct that?!

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

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by

From the February/March 2013 issue of the magazine.

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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?

    Reply

    • 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.

      Reply

  2. Go for it buddy

    Reply

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