Miscellaneous Itemized Deductions
Miscellaneous itemized deductions are expenses shown near the bottom of Form 1040 Schedule A.
Certain other expenses can be deducted as itemized deductions. To deduct miscellaneous expenses, the expenses must be incurred for one of the following:
- To produce or collect income that is included in your gross income
- To manage, conserve or maintain property held for producing gross income, or
- To determine, contest, pay or claim a refund of any tax
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These types of expenses include:
- Appraisal fees for a casualty loss or charitable contribution
- Casualty and theft losses from property used in performing services as an employee
- Clerical help and office rent in caring for investments
- Depreciation on home computers used for investments
- Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust
- Fees to collect interest and dividends
- Hobby expenses, but generally not more than the amount of income from the hobby
- Indirect miscellaneous deductions of pass-through entities
- Investment fees and expenses
- Legal fees related to producing or collecting taxable income or getting tax advice
- Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed to you
- Loss on deposits in an insolvent or bankrupt financial institution
- Repayments of income
- Repayments of Social Security benefits
- Safe deposit box rental
- Service charges on dividend reinvestment plans
- Tax advice fees
- Trustee’s fees for your IRA, if separately billed and paid
Miscellaneous Itemized Deductions must be separated from other itemized deductions because they are subject to a 2% of adjusted gross income floor.