Other Miscellaneouys Deductions
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| 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
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| Where are such expenses deducted | On Schedule A line 28
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| 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
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| 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
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Created by:
dawn2000
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