Five Tax Deductions That May Surprise You
Tax season is here. Have you filed your tax returns yet? If not, check out some of these weird tax deductions. Yes, they’re real and maybe they’ll mean some money for you.
The tax code is more than 73,000 pages. Who has time to read all that? Forgot the typical deductions. According to ABCNews, these are some of this year’s weird tax deductions, compiled by Turbo Tax. Ready? Start adding up that refund! Or maybe not.
1. Deadbeat debts. Have a friend who owes you money? The IRS allows you to deduct that, as long as it’s a personal loan and it’s 100% uncollectable.
2. Clarinets and music lessons for it. If your child has an overbite and their doctor prescribes clarinet lessons to help, those lessons are tax deductible.
3. Conventions in Bermuda. Cavorting in the pink sands of Bermuda will get you a tax deduction, as will conventions in Grenada, Barbados, Canada and Mexico.
4. Swimming pools. Again, just like the clarinet lessons, your doctor must prescribe this for your health. Your pool is deductible to the extent its cost exceeds the value of your house.
5. Getting thin. 2002 was the year the IRS ruled obesity was a medical disease. If your obesity treatment, such as Bariatric surgery, exceeds 7.5% of your adjusted gross income, then it qualifies.
Too bad none of these deductions will help my tax return. How about you?