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Itemized Deductions Schedule-A


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Old 02-17-2011, 05:19 PM
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Need help on itemized deductions?

Hi,

I' m a consultant. My company is in Virginia and I worked for different clients during 2010. I worked for a client in one place for six months and moved to different place to work for another client. Again after 3 months, I again moved to a different client for 3 more months. So can I include the rent in the itemized deductions. I just have bank transactions to show as a proof. Can I also include moving expenses as itemized deductions. I don't have proof for moving expenses. It would be great if any one helped me.

Thanks



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Old 02-18-2011, 07:10 AM
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Join Date: Oct 2010
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“So can I include the rent in the itemized deductions. I just have bank transactions to show as a proof.”--->To deduct your business related business expenses, the business expense must be both ordinary(common and accepted in your industry), necessary (helpful and appropriate for your trade or business), and direcly related with your business; since your assignment were temporary and expected to last less than one year, you could deduct your living expenses at the temporary location. In general, you can deduct rent as an expense only if the rent is for property you use in your trade or business.
“ Can I also include moving expenses as itemized deductions. I don't have proof for moving expenses.”--->Then maybe negative; if you maintain a permanent "tax home" that you return to on a regular basis to live and work, then you may deduct travel expenses between temporary assignments (less than 12 months);however, as long as you have the credit card statements showing the expenses, you can go ahead and deduct them. In case when if you are subject to IRS audit, the auditor might or might not accept that as sufficient documentation without the actual receipts though. The ball is in your court in proving the expenses.



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