(Remember, sometimes tax evasion is easier to prove than more insidious crimes. The Tax Court has clarified some potentially helpful details on the situation. If you make your money dealing illegal drugs, getting your taxes right might not be high on your list of priorities, but just because the money is made illegally, doesn’t mean the IRS won’t accept taxes on it. But to demonstrate that crime doesn’t fully pay, the IRS said the repaid funds are a miscellaneous itemized deduction that’s allowed only to the extent it exceeds 2% of the doctors’ adjusted gross incomes. The IRS ruled that the repayments are deductible provided that the doctors originally included the money in their incomes in prior years. The doctors admitted liability and agreed to reimburse the insurer for the losses it sustained, and the insurance company agreed to release a claim for restitution in a pending criminal case. Īn insurance company sued two doctors for insurance fraud.
The Norfolk Pine is considered an “exceptional tree” in the Aloha State, and you could get a $3,000 deduction to maintain the special species. If you have an araucaria heterophylla-commonly known as Norfolk Pine-in your backyard, you’re in luck.
However, you’d better be a Native American if you want to be a whaler in the USA. Whaling captains can claim up to 10,000 for ship repairs and equipment.
Here are some interesting things that can be deducted, as well as some that can’t. Since taxes have existed, Americans have been trying to exempt themselves.
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