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Tax Tune-Up
Tip of the Month
July 2002
Tax Tune-Up
This month we found the following so funny we wanted to pass it along, unedited, from Ed Lyon. Here are the â2002 Funniest Deductions." We would agree. See for yourself:
Bill Gatesâ Mansion. Microsoft CEO Gatesâ new mansion on Lake Washington includes 20 rooms, a 60-foot pool, a manmade trout stream, a 30-car garage, and a lakeside âactivity pavilion.â But the IRS sets no limit on the property tax deduction. So Gates and wife Melinda can write off the entire $1,076,385.
Hefâs âParty Posse". Perennial Playboy Hugh Hefner offers a new twist on the golferâs dream of shooting his age: juggling seven girlfriends in his seventies. Hef can claim dependent deductions for any of his beauties who live with him and get more than half their support for him as full-time students under age 24. (Yes, the Viagra is also deductible.)
Robert Downey Jr.âs Drug Rehab. I thought Charlie Sheen had a lock on the "bad boy" category. But Downeyâs spectacular Palm Springs flameout, complete with Wonder Woman costume in his suite, wins him first place in this perennially favorite category. Drug rehab, of course, is a deductible medical expense -- even after his eighth trip
Anna Nicole Smithâs $475 million. Was it true love? If so, then why did the ninth-grade dropout and former Playmate of the Yearâs billionaire husband J. Howard Smith consider adopting her? The bosomy bimbo profits from historyâs two biggest celebrity tax breaks. Marital bequests are tax-free, which saves $261 million in estate tax. And inheritances are nontaxable, which saves another $181 million. Sheâll be able to afford the limo of her choice for induction into the Gold Diggerâs Hall of Fame.
Bill Gatesâ Mansion. Microsoft CEO Gatesâ new mansion on Lake Washington includes 20 rooms, a 60-foot pool, a manmade trout stream, a 30-car garage, and a lakeside âactivity pavilion.â But the IRS sets no limit on the property tax deduction. So Gates and wife Melinda can write off the entire $1,076,385.
Hefâs âParty Posse". Perennial Playboy Hugh Hefner offers a new twist on the golferâs dream of shooting his age: juggling seven girlfriends in his seventies. Hef can claim dependent deductions for any of his beauties who live with him and get more than half their support for him as full-time students under age 24. (Yes, the Viagra is also deductible.)
Robert Downey Jr.âs Drug Rehab. I thought Charlie Sheen had a lock on the "bad boy" category. But Downeyâs spectacular Palm Springs flameout, complete with Wonder Woman costume in his suite, wins him first place in this perennially favorite category. Drug rehab, of course, is a deductible medical expense -- even after his eighth trip
Anna Nicole Smithâs $475 million. Was it true love? If so, then why did the ninth-grade dropout and former Playmate of the Yearâs billionaire husband J. Howard Smith consider adopting her? The bosomy bimbo profits from historyâs two biggest celebrity tax breaks. Marital bequests are tax-free, which saves $261 million in estate tax. And inheritances are nontaxable, which saves another $181 million. Sheâll be able to afford the limo of her choice for induction into the Gold Diggerâs Hall of Fame.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.
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