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Itemized Deduction6
Miscellaneous Deductions
| Question | Answer |
|---|---|
| What are some general types of itemized deductions that are subject to the 2%-of-AGI floor | Employment expenses(qualified transportation and education expenses),investment expenses (other than interest),job-seeking expenses, hobby expenses to the extent of hobby in-come,and expenses for tax preparation and ad-vice |
| Which expenses are reported on line 21 or Schedule A | Unreimbursed employment-related expenses |
| Under what circumstances may unreimbursed employee expenses be reported directly on Schedule A line 21 rather than on Form 2106 or 2106EZ and then on line 21 | When the taxpayer is not claiming meal,enter-tainment,travel,or transportation expenses or any reimbursed expenses |
| What are deductible transportation expenses | Those that involve the use of a motor vechicle for business purposes |
| What is commuting | Driving back and forth to the regular place of work.Commuting expenses are not deductible |
| Describe the optional method of deducting transportation expenses | using the standard mileage rate rather than actual vehicle expenses |
| What is the standard mileage rate for 2011 | .51 per mile fron January1-June30 and 55.5cent per mile from July1-December31 |
| What conditions must be met to qualify to use the optional method | The taxpayer must own or lease the vehicle, must not use it for hire(taxicab)must not have had more than 4 vehicles in simultan-eous business use at any time during the year and must use the optional method the first uear the car/truck i placed in service |
| What educational expenses may be deducted by an employee on Schedule A | Education intended to maintain or improve the taxpayer's current job skills |
| What is the primary requirment to deduct job-seeking expenses | The taxpayer must be seeking employment in the same occupation which he is currently or was most recently employed |
| What are some employee expenses that can be claimed directly on line 21 without using Form2106 or 2106EZ | Union dues,work-related publications,dues professional organizations, physical exams requied by employer,small tools & safety equipment,& the cost & cleaning of special-ized clothing required by employer & not adaptable general wear |
| What expenses are reported on line 22 of Schedule A | Fees paid to obtain tax advice for the prparation of tax returns, and for electronic filing fees |
| Are bank fees for products such as refund anticipation loans deductible | No |
| What expenses are reported on line 23 Schedule A | All other miscellaneous itemized deductions subject to the 2% floor |
| Name some deductible investment expenses | Legal fees paid to produce or collect taxable income,appraisal fees to determine value of property donated to charity or to estaablish amount of casualty loss fees paid to obtain investment advice and fees paid to an agent to collect taxable income |
| What is the limitation on deduction of hobbly expenses | Expenses are deductible only to the extent of hobby income |
Created by:
dawn2000
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