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Itemized Deductions Schedule-A

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Old 11-07-2013, 02:06 PM
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Taxpayers can reduce their tax liability with Miscellaneous Deductions claimed on Schedule A.

If a Taxpayer claims itemized deductions on their tax return, "they may be able to deduct certain miscellaneous expenses. Taxpayers may benefit from this because a tax deduction normally reduces your federal income tax." The following are examples of miscellaneous deductions:

Deductions Subject to the Two Percent Limit.
You can deduct most miscellaneous expenses only if they exceed two percent of your adjusted gross income. These include expenses such as:
  • Unreimbursed employee expenses.
  • Expenses related to searching for a new job in the same profession.
  • Certain work clothes and uniforms.
  • Tools needed for your job.
  • Union dues.
  • Work-related travel and transportation.

Deductions Not Subject to the Two Percent Limit.
Some deductions are not subject to the two percent of AGI limit. Some expenses on this list include:
  • Gambling losses up to the amount of gambling winnings.
  • Certain casualty and theft losses.
    This deduction applies if you held the damaged or stolen property for investment. Property that you hold for investment may include assets such as stocks, bonds and works of art.
  • Losses from Ponzi-type investment schemes.

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