As tax time is coming up, its time to stir the memory and bring back to surface some expenses over the year that may be deductible. Since we are all in the same industry maybe we can help each other remember and maybe discuss some “grey areas” Here are a few I remember: CFAI dues Reference textbooks (Fabozzi etc) New calculator % of the cost of a new home computer used for business Travel expenses when going to a job interview? Charter frame? (probably well past grey area but maybe I can justify?) Luggage used exclusively for business travel?
Job interview is only for first job I believe. Most of these are not even worth researching because the dollar amounts are so small and I would imagine most people on here just take the standard deduction and do not itemize.
earned income tax credit
thommo77 Wrote: ------------------------------------------------------- > Job interview is only for first job I believe. > > Most of these are not even worth researching > because the dollar amounts are so small and I > would imagine most people on here just take the > standard deduction and do not itemize. The sum of the above for me is several thousand, well worth the effort.
If you have a mortgage interest deduction, then usually everything you can itemize adds value, IIRC. That will usually put you over the top on the standard deduction, unless you’ve bought recently in Miami or Las Vegas or something. Of course, the mortgage deduction may be on the tax chopping block. Hard to see that passing soon, though, since the mortgage deduction is one of those sacred cows just behind Social Security and Medicare.
The idea of eliminating the mortgage tax deduction is just idiotic if we have any interest in having a housing recovery. Without the interest deduction, it simply would not make economic sense for me (and probably many others) to continue owning real estate. Although I wouldn’t expect that to apply to investment properties since the interest would still be considered a business expense.
Mortgage interest tax deduction is one of the many failed policies that caused the housing bubble and needs to be eliminated along with the other million asinine tax breaks. In a rationale world, if it doesn’t make economic sense for you to own a home without a government subsidy, then you probably shouldn’t be owning it.
recycler Wrote: ------------------------------------------------------- > Mortgage interest tax deduction is one of the many > failed policies that caused the housing bubble How long has this tax deduction been around?