Editor’s Note: None of these letters come from actual celebrities.
By Sheryl Rowling
SAN DIEGO–Dear Money Maven, I’m an attorney. Can I deduct the cost of my business suits? Hopefully, Helen
Dear Helen, Unfortunately, no. To be deductible as a business expense, clothing must be required as a condition of the job and must not be suitable for general wear.
Dear Money Maven, I’m just an ordinary mother in my daily life. However, I earn my living by performing. Can I deduct the cost of my leather and lace body-suits? Most respectfully, Madonna
Dear Madonna, Yes, you can deduct your leather and lace body-suits.
Dear Money Maven, As a librarian, I sit a lot. I’m thinking about buying an exercise bike to get in shape. Can I deduct the cost of the exercise bike? Nervously awaiting your answer, Natalie
Dear Natalie, Sorry, no. Unless the exercise bike is specifically prescribed by your doctor to treat or improve a medical condition, you cannot deduct the cost.
Dear Money Maven, I’m a professional bicycle racer. I’m thinking about buying an exercise bike to practice and, hopefully, improve my time. Can I deduct the cost of the exercise bike? Looking forward to your response, Lance
Dear Lance, Yes, you can deduct the cost of your exercise bike.
Dear Money Maven, As a caring member of my community, every year, I end up buying tons of wrapping paper from the neighborhood kids and the Temple’s youth group. Sure, I end up using it to wrap holiday and birthday gifts, but can I deduct the cost of the wrapping paper? Sincerely, Sylvia
Dear Sylvia, Unless you use the wrapping paper for business purposes or can prove that you paid more than the actual value of the wrapping paper, you cannot claim a deduction on your tax return. According to Federal tax laws, a charitable deduction is limited to the excess of the amount paid over the value of what you received.
Dear Money Maven, I’m a great and famous artist who produces large-scale environmental art. I use a lot of wrapping paper in connection with my work. Can I deduct the cost of the wrapping paper? Cordially, Christo
Dear Christo,
Yes, you can deduct the cost of the wrapping paper.
Dear Money Maven, I’m currently home-schooling my son and want to focus on my own education as well. I’ve been really interested in expanding my knowledge of Judaism. I’ve bought a lot of books and enrolled in some classes at my temple. Can I deduct the cost of the books and class fees? Anxiously, Anita
Dear Anita, No. Unfortunately, personal expenses are not deductible.
Dear Money Maven,
I’m a Rabbi and need to continuously expand my knowledge of Judaism. I’ve bought a lot of books and attended some regional seminars. Can I deduct the cost of the books and seminar fees? Eagerly, Elizabeth
Dear Elizabeth, Yes, you can deduct the cost of the books and seminar fees.
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Sheryl Rowling is a principal with Rowling & Associates. She may be contacted at sheryl.rowling@sdjewishworld.com