Tax questions

[cowboyclint25]

As I have became a property owner this last year, it will be my first year doing itemized taxes instead of the short form. That being said, in addition to mortgage interest, improvements, ect I am trying to figure out what else I can claim.

I take Zyrtec D everyday, which adds up - my mother says I can claim this? Thats not correct is it??

Also, I have a agriculture tax exempt number so I don't pay taxes on my horse and cattle feed - can I still claim this?

 

[poke2001]

Not correct. I don't see any way you can claim OTC medicine. Medical in general is very tough. You have to spend over 8% of our AGI before you can start claiming medical (I think 8, somewhere in that ballpark).
Posted from Rivals Mobile

 

[cowboyclint25]

I think she does so under "Miscellaneous medical expenses"
Posted from Rivals Mobile

 

[purkey]

that section is right under "Miscellaneous visits by the IRS"....

 

[cowboyclint25]

Haha
Posted from Rivals Mobile

 

[gipraw]

You can only deduct un-reimbursed total medical expenses that exceed 10% of your AGI.

Used to be 7.5% , but that changed this year .. unless you are over 65, then you get two more years at 7.5%

 

[gipraw]

You can use your Medical FSA to pay for the Zyrtec if you can get your doctor to write a prescription for it.

 

[ctdub]

Thanks a lot Obamacare.
Posted from Rivals Mobile

 

[A$$hole Consulting]

A pretty significant change to the FSA account rules under the Obama administration was that OTC medicine can only flow through your FSA if you have a script as someone mentioned above. Dick move in my opinion.

He also limited the FSA medical account limit to $2500. Thanks again, dick.

Both of the above are effectively regressive changes to the code.
Posted from Rivals Mobile

 

[poke2001]

Regardless, you can't write off as deductions. And even if you did, it wouldn't do any good until you exceeded 10% of income, which for most people would be a lot of medical expenses (low income isn't itimizing, and that wouldn't be refundable...).
Posted from Rivals Mobile

 

[A$$hole Consulting]

Some things you may have that are common...student loan interest, property taxes on your home, charitable donations ($ or items)....maybe mortgage insurance (was deductible at some point)...not much based on the info provided.

There may be special rules with respect to your cattle/horse expenses (state and federal), but im not positive. You may have to own a farm. I'd research it though.
Posted from Rivals Mobile

 

[JimmyBob]

Originally posted by cowboyclint25:
As I have became a property owner this last year, it will be my first year doing itemized taxes instead of the short form. That being said, in addition to mortgage interest, improvements, ect I am trying to figure out what else I can claim.

I take Zyrtec D everyday, which adds up - my mother says I can claim this? Thats not correct is it??

Also, I have a agriculture tax exempt number so I don't pay taxes on my horse and cattle feed - can I still claim this?




Don't do your own taxes; pay a CPA. I'm a retired CPA - not in public practice since '80 - the tax code is way too complicated for free internet advice.

 

[pokemagain]

Sounds like your tax return should be fairly straightforward. My recommendation is to use one of the tax return software programs (TurboTax, Taxact). These programs guide you through all facets of the tax return and are very user friendly. They handle both federal and state returns electronically. I have been using TaxAct for the last 6 years and it cost me $35 to file including electronic transfer of my refunds to my bank account.