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Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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When my business partner and I found ourselves in a land investment that was abandoned by the developers, we had no reasonable economic choice but to walk away from our mortgage loan. While we understood that there would likely be tax consequences, the magnitude of our exposure was not fully anticipated. Thankfully, Mr. Bode was able to work with us to strategize a defensible tax position and mitigate the tax implications of our investment loan abandonment. I would recommend that anyone facing an investment loss that has tax implications due to debt forgiveness give Gary a call. It is always best to fully understand the circumstances and the tax rules and related options before paying a hefty bill. Thanks Gary!

Brian D. - CPA

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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CPA passes along Wacky Tax Deductions

The following list was compiled by the MN Society of CPAs

1) A taxpayer wanted to claim his elected official as a dependent because he was paying their salary.

2) One taxpayer wanted to deduct the market value of his whole blood donations.

3) Someone tried to claim a $100,000 deduction for burning down an old cabin.

4) Gambling losses are charitable donations?

5) Private school fees are charitable donations?

6) Raffle tickets are charitable donations?

7) Deducting pets as dependents. Note deducting security or mascot animals may be legal.

8) A rental house in AZ as a medical expense.

9) Swimming pool as medical expense (without a Doctor’s order).

10) Cosmetic surgery as medical expense.

11) Divorce attorney fees claimed as investment expense.

12) Wedding expense deduction?

13) Truckers deducting female companionship as travel expense.

14) Deducting tattoos as medical expense.

15) A Doctor wanted to deduct hair styling and dying costs.

16) A sales lady wanted to deduct hair care, manicures and jewelry.

Our philosophy is to fly all wacky ideas by us. In some cases, concerning cosmetic surgery, animals and pools, there could be legitimate deductions, depending on the circumstances.

 

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