Diane, at age 80, resides in the home she has lived in for nearly 40 years. When she initially purchased the home after her husband’s death, it cost only $25,000 (and she since put in $45,000 in improvements); today it’s worth at least $675,000. Diane’s only child, Michael, moved in with Diane several years ago […]
Often Overlooked Tax Breaks for Seniors
Dear Ribbit, I read recently that Trump’s Tax Plan may eliminate the ability for seniors to deduct their medical expenses. That would certainly be a horrendous result, as my husband and I depend on that deduction. For future reference, what are some other things can seniors deduct? Thanks, Dee Duxions Dear Dee, As we all […]
Ask the Expert: Can You Deduct a Toupee from Taxes?
Q. My boyfriend, Richard, became self-conscious about his baldness last year and went out one day and purchased a toupee. We also took in a foster cat, landscaped our property, and installed an in-ground pool to help us stay fit. I know these things sound random, but I read online that you can deduct some […]