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Itemized Deduction7

Other Miscellaneouys Deductions

QuestionAnswer
What are some miscellaneous itemized deductions that are not subject to the 2%-of-AGI limitation Most common include gambling losses to the extent of gambling winnings,impairment-related work expenses of the handicapped, decedent's remaining basis in a pension or annuity, and federal estate tax on income in respect of a decedent
Where are such expenses deducted On Schedule A line 28
What limitation must we keep in mind when de-ducting gambling losses Losses are deductible only to the extent of gambling winnings reported as income
What type of information should be retained by the taxpayer if he wishes to deduct gambling losses The date and type of wagering activity;the name & address or location of the gambling establishment;names of other persons present with the taxpayer at the gambling establish-ment;amounts the taxpayer won & lost
Created by: dawn2000
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