10 deductions you shouldn't even try

People will tell you lots of things are deductible, and you may be able to write off some. But these 10 ideas are more likely to cause you trouble than save you money.

By Jeff Schnepper, MSN Money

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16Comments
AMEX2007
Apr 10, 2012 7:53PM
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"american dream' for everybody...but not for "americans"  jejeje...just like a bad joke...the land of the oportunities...for bankers and mfs CEO's.

bseagoe
Apr 10, 2012 6:13PM
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The documentary available on youtube called:

 

America: Freedom to Fascism-Full Length Documentary 

 

Clearly explains all US citizens tax liability.

Luv my animals
Apr 10, 2012 6:04PM
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We need revision badly in our tax system.  This info is for everyone who is unaware. Retired, we did a rollover of 401k into an annuity. Reaching 65 and spouse needing a major surgery, cashed it in. Well, come tax time we were shocked!!! Retirees living on Social Security & a pension,we paid 25% to the irs!!!!!!!  This goes for young, Middle Age, and Elderly.  Get facts before you do anything!!!! Totally outrageous when I think of the big corporations and oil companies with all the loopholes and pay $0. This just isn't right!!!! I don't mind paying my fair share of taxes, but this isn't fair!!!!!! We need revision!!!!!

MOOSERMAN
Apr 10, 2012 5:40PM
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Really? I thought this might contain some useful information. How friggin dumb has this country become. Personally I don't think we have a chance.
toyota3
Apr 10, 2012 1:28PM
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I wonder what Romney "gets"  to deduct.
wes1228
Apr 10, 2012 12:48PM
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can i deduct visits to asian massage parlors for 'rub n tugs' as a medical expense?
skibum609
Apr 10, 2012 12:38PM
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JIMMY BIRD:  You sir are 100% incorrect as gains within an IRA are not taxable at all.  You're taxed on withdrawls, not capital gains or losses within the IRA.  Sad to see 3 people reccomended this, but at least now we know how the mortgage scammers were able to find suckers.
jimmy bird
Apr 10, 2012 11:30AM
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this is our government for you.  you must report your capital gains on your i r a ,  but you cannot report your losses.  the penny stock scammers have a field day, protected by the complexity of the securities & exchange commission,  while the investor cannot deduct his losses on stocks that are "pumped and dumped" .

Lybilly881
Apr 10, 2012 10:57AM
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This is why we need to have a flat tax rate. The current code is a complete mass of confusion!Crying
Walks-In-Storms
Apr 10, 2012 8:11AM
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Obviously - as obvious at fifty years of IRS depredations can make it - the simplest way to pay taxes in the U.S. is to say, "Just take whatever you like."  They will, anyway, and there isn't - unless you are rich enough to higher a crew of lawyers - any way you can stop them.  We are being destroyed as a productive nation by the lie that we have a constitutional - of the people, by the people, and for the people - internal revenue system.

 

Let's at least tell it like it is, and stop the sickening coward surrender that is pretending otherwise.

 

jjp61
Apr 10, 2012 6:10AM
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is the doctor bills deductible
seniorkissing .com
Apr 9, 2012 10:58PM
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Acct
Apr 6, 2011 2:13PM
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Seriously. "Slavery reparations"????? Eye-rolling

 

What would that have to do with ANYONE currently alive? 

 

Unless you are 150 years old and were born before the Civil war...

 

Come on.  Is this a joke????  If you fall for this scam you must be seriously off the deep end...

 

 

Danny336
Mar 22, 2011 8:16AM
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This article contradicted itself, over and over whereas the title "Dont even try these deductions" and the content, that continually said, these deductions are ok if you do xyz, are counterintuitive.  Lastly, every other page was more of an advertisement for an MSN service than informative critical analysis of the issue.  The reparations page was ok, if you could actually fall for such an epic scam, at least they posted the IRS fraud alert number.  But, even if you fell for the scam,  dont call it if you are delinquent on your own taxes, cuz the tax man will "get you"
RC140
Feb 24, 2011 9:30AM
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"Tax and Insurance Reserves" - True, escrow amounts should show up in your end-of-year 1098.  However, often times the closing attorney may collect AND pay a quarterly tax payment depending on when the taxes are due.  This is indeed tax deductible and will likely not be reported on the 1098 from the mortgage company.  So pay attention as to what are "escrow" and what are "payments" made by the attorney themselves on your closing paperwork.
Trucker Mark
Feb 18, 2011 11:52AM
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Painting advertising on the side of a vehicle entirely used in business would be considered an allowable business tax deduction, just as buying ad space on the side of a billboard, city bus, or even a semi trailer would be.  Are business advertising signs inside sports arenas deductible as a legitimate business expense?  You bet that they are.  My guess is that the cost of magnetic advertising signs for your business that you stick to your car doors might be an allowable business tax deduction too, so my guess would be the cost of painting an advertising sign onto the side of a vehicle partially used in business would be deductible too, though such a deduction might be limited by the percentage of business use of the vehicle too. 
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