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I live in NY State. I am a County Fire Investigator and am ...

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I live in NY State...
I live in NY State. I am a County Fire Investigator and am paid a stipend as such ($1,500/yr) I am also an arson dog handler for the same organization. The County technically owns the dog and pays for his food, medical bills, and a car to travel in. I receive $0 for being his handler. However,the dog lives with me 24/7 for the past 7 years. Is there a tax credit due to me for the dog living with me and I being responsible for him since I receive $0 compensation???
Submitted: 10 years ago.Category: Tax
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1/3/2008
Tax Professional: RD, Certified Public Accountant (CPA) replied 10 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Since you are reimbursed for all the direct expenses related to the dog, you cannot claim any tax credit for the dog living with you. If some of the expenses had been unreimbursed than you can claim those as unreimbursed employee business expenses. These expenses would be reported on Sch A if you itemized. Also note than only the expenses over 2% of your Adjusted gross income would be included in the itemized deduction.

You can deduct PMI subject to limitations discussed below as itemized deductions. You can also deduct the pro-rated real estate taxes that you have paid on the closing statement. You cannot deduct attorney fees, title insurance or title fees.

Premiums that you pay or accrue for "qualified mortgage insurance" during 2007 in connection with home acquisition debt on your qualified home are deductible as home mortgage interest. The amount you can deduct is reduced by 10% (.10) for every $1,000 ($500 if your filing status is married filing separately) by which your adjusted gross income exceeds $100,000 ($50,000 if your filing status is married filing separately).

Here is a link to various deductions available-

http://www.irs.gov/publications/p530/ar02.html#d0e201

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

 

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RD, Certified Public Accountant (CPA)
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