That's crazy what some people are allowed to write off. In that case maybe I could write off my new house, on second thought maybe not.
There are your common tax deductions and then there are others. The ultimate goal when doing your taxes is trying to minimize the amount of money that you give up to the government and with that in mind some people get pretty creative to say the least. Check out the article I wrote on some of the weirdest tax write offs for some good examples of people trying to go a little too far in minimizing there tax burden. Of course we would all hate to overlook a tax deduction. But then we come to those legitimate tax write offs that just sound crazy. I have several friends that I have talked tax strategies with and some of the deductions that have told me about are definitely more adventurous than I will ever be. But along those lines take a look at this list of the nine craziest tax deductions people were allowed to take.
1. Cat Food
The Seawrights argued that the deduction of the cat food was a legitimate business expense because they fed some feral cats on a regular basis, and the kibble kept the cats around the junk yard that they operated. Because the well fed cats regularly roamed around the junk yard, they hunted and killed rodents and snakes; so the cats were a natural source of pest control that protected their business.
2. Heated Swimming Pool
He had been diagnosed with emphysema and his doctor gave him a prescription of regular exercise; so he decided to build a new pool. The court allowed him to take the deduction as a medical expense because he routinely used the pool for his prescribed exercise, and it was not regularly used by other family members. This is definitely a rare and heartwarming story related to the IRS.
3. Gambling Losses
The courts found that because of the amount of time and money he spent gambling he had a legitimate profession as a gambler, and his losses were a business expense. That was a big win for this serious gambler.
5. Huge Stash of Illegal Drugs and More
6. Very Large Breast Implants
7. Wrecked Car After Too Many Drinks
8. Sex Change Operation
This case begs the question: If he had been in the same line of work as Cynthia Hess (see #6), would he have been able to write off his breast augmentation as a business expense?
9. NBA Fine
He eventually hired counsel to handle and settle this matter.
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Filed Under: Taxes
About the Author: KC Beavers is a semi-retired entrepreneur. The subject of personal finance has always fascinated him. In an effort to not bore those around him with all his love of personal finance as much he has come here to bore all of you instead. Be sure to follow KC on Twitter or Google+.
These are all crazy deductions - that's for sure. I wonder if everyone of the taxpayer might be allowed these deductions.
I know! I've heard about the breast augmentation and the heated pool tax deductions. It's crazy! And there are more about having a girlfriend, moving family pet, and lawn!