It’s tax time. That means scores of people are pleading their case for insane tax write-offs — some of which actually get OK’d.
Here are three unique deductions you’d think the IRS would laugh at — but instead they approved.
- The “significant other” deduction. When a man hired his live-in girlfriend to manage some of his rental properties, the Tax Court allowed him to deduct $2,500 of the $9,000, which he paid her as a business expense. Her duties included finding furniture, overseeing repairs and, of course, running his personal household.
- The moving the family pet deduction. Whether your pet is a dog, a bird or even an Oriental Yeti, it’s OK to deduct the cost of moving said pet from your old residence to your new abode if you can pass a couple of simple tests.
- The body oil deduction. Just as carpenters can’t be expected to work without their tools, bodybuilders can’t be expected to compete without their … body oil. While the Tax Court balked at letting a pro bodybuilder write off buffalo meat and special vitamin supplements, it did allow him to deduct his ample supply of body oil as a business expense.
What are the craziest tax write offs you’ve ever heard of? Share them with us in the Comments section.