February 7, 2009

List of things you CAN NOT deduct from your taxes

According to IRS publication 529 you can NOT deduct any of the items in the list below. There are some exceptions for these items but in general these items are not deductible from your taxes. See the full IRS document for the details.

  • Adoption expenses.

  • Broker's commissions that you paid in connection with your IRA or other investment property.

  • Burial or funeral expenses, including the cost of a cemetery lot.

  • Campaign expenses.

  • Capital expenses.

  • Check-writing fees.

  • Club dues.

  • Commuting expenses.

  • Fees and licenses, such as car licenses, marriage licenses, and dog tags.

  • Fines and penalties, such as parking tickets.

  • Health spa expenses.

  • Hobby losses—but see Hobby expenses, earlier.

  • Home repairs, insurance, and rent.

  • Home security system.

  • Illegal bribes and kickbacks—see Bribes and kickbacks in chapter 11 of Publication 535.

  • Investment-related seminars.

  • Life insurance premiums.

  • Lobbying expenses.

  • Losses from the sale of your home, furniture, personal car, etc.

  • Lost or misplaced cash or property.

  • Lunches with co-workers.

  • Meals while working late.

  • Medical expenses as business expenses.

  • Personal disability insurance premiums.

  • Personal legal expenses.

  • Personal, living, or family expenses.

  • Political contributions.

  • Professional accreditation fees.

  • Professional reputation, expenses to improve.

  • Relief fund contributions.

  • Residential telephone line.

  • Stockholders' meeting, expenses of attending.

  • Tax-exempt income, expenses of earning or collecting.

  • The value of wages never received or lost vacation time.

  • Travel expenses for another individual.

  • Voluntary unemployment benefit fund contributions.

  • Wristwatches.

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