Friday, April 26, 2013

A Look at the Craziest Tax Write-Offs


It's hard to think there's anything funny about taxes when you're under a mountain of paperwork, but CBS News contributor and analyst Mellody Hobson has a little comic relief for taxpayers. In all her research about taxes, she came across some fairly ridiculous write offs the IRS has allowed -- and some crazy things people have tried and failed to slip by the IRS.

First, you'd be amazed about what people try to write off concerning their pets, and it's no wonder why -- they're expensive. According to the ASPCA, dogs and cats both cost over $1,000 a year. There was the case of the woman who claimed an unusually high amount of medical expenses for a dependent, but she didn't have a spouse or any children. Turns out the "dependent" was her dog. Her accountant set her straight that if it's covered in fur, you can't claim it as a dependent. In general, pet expenses are not deductable, but there are a couple surprising exceptions.
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