To get maximum returns what are the different expenses that could be added up? Can a apt rent or car loan could be shown as an expense ?
2007-02-13 05:41:53 · 4 answers · asked by raj 1 in Business & Finance ➔ Taxes ➔ United States
Apartment rent and interest on a car loan are not deductible.
You can deduct home mortgage interest, property taxes, medical expenses, charitable donations, employee business expenses, state income OR state sales taxes to name a few.
2007-02-13 05:49:36 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
only if it's used for business and only the part of the apartment or the INTEREST on the car loan that is used in business - you take a percentage of the rent or interest.
BTW, don't listen to "kcb" - he's wrong. I don't think he really does taxes.
2007-02-13 13:49:23 · answer #2 · answered by Dizney 5 · 1⤊ 0⤋
Only to the extend it is used in business
2007-02-13 13:46:29 · answer #3 · answered by golferwhoworks 7 · 2⤊ 0⤋
only if you are a student then it would be considered expenses while you are a student. You have to show proof of transcripts or scholarship in order to take that deduction. you also can go to IRS website and ask that question too.
2007-02-13 13:47:21 · answer #4 · answered by kcb 1 · 0⤊ 2⤋