| Show Taxing This column of questions and answers on federal tax matters is provided by the local office of the U.S. Internal Revenue Service and is published as a public service to The column-answers questions most frequently asked by My real estate broker has been working for me as a rental agent on a house that I I pay her a percentage of the monthly rent for her property management Is this fee a deductible rental A. Yes if she collects the advertises for her commission is a deductible rental I have a charge account with a local department The store charges me a flat fee each time 1 make a payment on my Is this fee or a part of it deductible as interest or finance A. If you make installment purchases on a charge account on which a flat fee or service charge is the interest is not definitely The fee represents not only a charge for the use of the money but also a charge for maintaining and servicing your Even if the interest cannot be you may treat a portion of the flat fee as deductible Such a deduction will be the lesser of either an amount equal lo six percent of the average unpaid balance of your installment contract during the or the portion of the total fee or service charge allocable to the For further information on the consult IRS Publication Tax Deduction for Interest It's available free from many IRS My doctor has put me on a special diet because I have an Does cost of this diet qualify as a deductible medical A. Since your new diet merely replaces food you normally would the cost involved is not a medical A special food or beverage prescribed by your physician is deductible only if it is in addition to your normal diet and in no way a part of your nutritional In such a you should submit with your return a statement from your |
