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TAX TIP OF THE DAY... Can a swimming pool be a tax deduction?
If you have a medical condition that would improve with a swimming pool exercise regimen, your swimming pool expenses could qualify as a deductible medical expense. That's what happened in the case of an arthritis patient who was prescribed to swim frequently in order to treat his condition. This also works for hot tubs. SHARE WITH A FRIEND. Bitcoins and tax law... just spending them could trigger a taxable gain.
For example if you bought a bitcoin for $1 in 2010 and used it today to purchase $9k of jewelry, you would have a taxable gain of $8,999. There is no currently no paperwork or 1099 forms that you would receive at year end. But the IRS expects you to voluntarily report this gain on your tax return. |
AuthorDavid S. Baboian, CPA Archives
February 2018
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