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Form 1040 Ez

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Form 1040 Ez

Form 1040 ez 28. Form 1040 ez   Miscellaneous Deductions Table of Contents What's New Introduction Useful Items - You may want to see: Deductions Subject to the 2% LimitUnreimbursed Employee Expenses (Line 21) Tax Preparation Fees (Line 22) Other Expenses (Line 23) Deductions Not Subject to the 2% LimitList of Deductions Nondeductible ExpensesList of Nondeductible Expenses What's New Standard mileage rate. Form 1040 ez  The 2013 rate for business use of a vehicle is 56½ cents per mile. Form 1040 ez Introduction This chapter explains which expenses you can claim as miscellaneous itemized deductions on Schedule A (Form 1040). Form 1040 ez You must reduce the total of most miscellaneous itemized deductions by 2% of your adjusted gross income. Form 1040 ez This chapter covers the following topics. Form 1040 ez Deductions subject to the 2% limit. Form 1040 ez Deductions not subject to the 2% limit. Form 1040 ez Expenses you cannot deduct. Form 1040 ez You must keep records to verify your deductions. Form 1040 ez You should keep receipts, canceled checks, substitute checks, financial account statements, and other documentary evidence. Form 1040 ez For more information on recordkeeping, get Publication 552, Record- keeping for Individuals. Form 1040 ez Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 529 Miscellaneous Deductions 535 Business Expenses 587 Business Use of Your Home (Including Use by Daycare Providers) 946 How To Depreciate Property Form (and Instructions) Schedule A (Form 1040) Itemized Deductions 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses Deductions Subject to the 2% Limit You can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040). Form 1040 ez You can claim the amount of expenses that is more than 2% of your adjusted gross income. Form 1040 ez You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. Form 1040 ez Your adjusted gross income is the amount on Form 1040, line 38. Form 1040 ez Generally, you apply the 2% limit after you apply any other deduction limit. Form 1040 ez For example, you apply the 50% (or 80%) limit on business-related meals and entertainment (discussed in chapter 26) before you apply the 2% limit. Form 1040 ez Deductions subject to the 2% limit are discussed in the three categories in which you report them on Schedule A (Form 1040). Form 1040 ez Unreimbursed employee expenses (line 21). Form 1040 ez Tax preparation fees (line 22). Form 1040 ez Other expenses (line 23). Form 1040 ez Unreimbursed Employee Expenses (Line 21) Generally, you can deduct on Schedule A (Form 1040), line 21, unreimbursed employee expenses that are: Paid or incurred during your tax year, For carrying on your trade or business of being an employee, and Ordinary and necessary. Form 1040 ez An expense is ordinary if it is common and accepted in your trade, business, or profession. Form 1040 ez An expense is necessary if it is appropriate and helpful to your business. Form 1040 ez An expense does not have to be required to be considered necessary. Form 1040 ez Examples of unreimbursed employee expenses are listed next. Form 1040 ez The list is followed by discussions of additional unreimbursed employee expenses. Form 1040 ez Business bad debt of an employee. Form 1040 ez Education that is work related. Form 1040 ez (See chapter 27. Form 1040 ez ) Legal fees related to your job. Form 1040 ez Licenses and regulatory fees. Form 1040 ez Malpractice insurance premiums. Form 1040 ez Medical examinations required by an employer. Form 1040 ez Occupational taxes. Form 1040 ez Passport for a business trip. Form 1040 ez Subscriptions to professional journals and trade magazines related to your work. Form 1040 ez Travel, transportation, entertainment, and gifts related to your work. Form 1040 ez (See chapter 26. Form 1040 ez ) Business Liability Insurance You can deduct insurance premiums you paid for protection against personal liability for wrongful acts on the job. Form 1040 ez Damages for Breach of Employment Contract If you break an employment contract, you can deduct damages you pay your former employer that are attributable to the pay you received from that employer. Form 1040 ez Depreciation on Computers You can claim a depreciation deduction for a computer that you use in your work as an employee if its use is: For the convenience of your employer, and Required as a condition of your employment. Form 1040 ez For more information about the rules and exceptions to the rules affecting the allowable deductions for a home computer, see Publication 529. Form 1040 ez Dues to Chambers of Commerce and Professional Societies You may be able to deduct dues paid to professional organizations (such as bar associations and medical associations) and to chambers of commerce and similar organizations, if membership helps you carry out the duties of your job. Form 1040 ez Similar organizations include: Boards of trade, Business leagues, Civic or public service organizations, Real estate boards, and Trade associations. Form 1040 ez Lobbying and political activities. Form 1040 ez   You may not be able to deduct that part of your dues that is for certain lobbying and political activities. Form 1040 ez See Dues used for lobbying under Nondeductible Expenses, later. Form 1040 ez Educator Expenses If you were an eligible educator in 2013, you can deduct up to $250 of qualified expenses you paid in 2013 as an adjustment to gross income on Form 1040, line 23, rather than as a miscellaneous itemized deduction. Form 1040 ez If you file Form 1040A, you can deduct these expenses on line 16. Form 1040 ez If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. Form 1040 ez However, neither spouse can deduct more than $250 of his or her qualified expenses. Form 1040 ez Home Office If you use a part of your home regularly and exclusively for business purposes, you may be able to deduct a part of the operating expenses and depreciation of your home. Form 1040 ez You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively: As your principal place of business for any trade or business, As a place to meet or deal with your patients, clients, or customers in the normal course of your trade or business, or In the case of a separate structure not attached to your home, in connection with your trade or business. Form 1040 ez The regular and exclusive business use must be for the convenience of your employer and not just appropriate and helpful in your job. Form 1040 ez See Publication 587 for more detailed information and a worksheet. Form 1040 ez Job Search Expenses You can deduct certain expenses you have in looking for a new job in your present occupation, even if you do not get a new job. Form 1040 ez You cannot deduct these expenses if: You are looking for a job in a new occupation, There was a substantial break between the ending of your last job and your looking for a new one, or You are looking for a job for the first time. Form 1040 ez Employment and outplacement agency fees. Form 1040 ez   You can deduct employment and outplacement agency fees you pay in looking for a new job in your present occupation. Form 1040 ez Employer pays you back. Form 1040 ez   If, in a later year, your employer pays you back for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year. Form 1040 ez (See Recoveries in chapter 12. Form 1040 ez ) Employer pays the employment agency. Form 1040 ez   If your employer pays the fees directly to the employment agency and you are not responsible for them, you do not include them in your gross income. Form 1040 ez Résumé. Form 1040 ez   You can deduct amounts you spend for preparing and mailing copies of a résumé to prospective employers if you are looking for a new job in your present occupation. Form 1040 ez Travel and transportation expenses. Form 1040 ez   If you travel to an area and, while there, you look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. Form 1040 ez You can deduct the travel expenses if the trip is primarily to look for a new job. Form 1040 ez The amount of time you spend on personal activity compared to the amount of time you spend in looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job. Form 1040 ez   Even if you cannot deduct the travel expenses to and from an area, you can deduct the expenses of looking for a new job in your present occupation while in the area. Form 1040 ez   You can choose to use the standard mileage rate to figure your car expenses. Form 1040 ez The 2013 rate for business use of a vehicle is 56½ cents per mile. Form 1040 ez See chapter 26 for more information. Form 1040 ez Licenses and Regulatory Fees You can deduct the amount you pay each year to state or local governments for licenses and regulatory fees for your trade, business, or profession. Form 1040 ez Occupational Taxes You can deduct an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. Form 1040 ez If you are an employee, you can claim occupational taxes only as a miscellaneous deduction subject to the 2% limit; you cannot claim them as a deduction for taxes elsewhere on your return. Form 1040 ez Repayment of Income Aid Payment An “income aid payment” is one that is received under an employer's plan to aid employees who lose their jobs because of lack of work. Form 1040 ez If you repay a lump-sum income aid payment that you received and included in income in an earlier year, you can deduct the repayment. Form 1040 ez Research Expenses of a College Professor If you are a college professor, you can deduct research expenses, including travel expenses, for teaching, lecturing, or writing and publishing on subjects that relate directly to your teaching duties. Form 1040 ez You must have undertaken the research as a means of carrying out the duties expected of a professor and without expectation of profit apart from salary. Form 1040 ez However, you cannot deduct the cost of travel as a form of education. Form 1040 ez Tools Used in Your Work Generally, you can deduct amounts you spend for tools used in your work if the tools wear out and are thrown away within 1 year from the date of purchase. Form 1040 ez You can depreciate the cost of tools that have a useful life substantially beyond the tax year. Form 1040 ez For more information about depreciation, see Publication 946. Form 1040 ez Union Dues and Expenses You can deduct dues and initiation fees you pay for union membership. Form 1040 ez You can also deduct assessments for benefit payments to unemployed union members. Form 1040 ez However, you cannot deduct the part of the assessments or contributions that provides funds for the payment of sick, accident, or death benefits. Form 1040 ez Also, you cannot deduct contributions to a pension fund, even if the union requires you to make the contributions. Form 1040 ez You may not be able to deduct amounts you pay to the union that are related to certain lobbying and political activities. Form 1040 ez See Lobbying Expenses under Nondeductible Expenses, later. Form 1040 ez Work Clothes and Uniforms You can deduct the cost and upkeep of work clothes if the following two requirements are met. Form 1040 ez You must wear them as a condition of your employment. Form 1040 ez The clothes are not suitable for everyday wear. Form 1040 ez It is not enough that you wear distinctive clothing. Form 1040 ez The clothing must be specifically required by your employer. Form 1040 ez Nor is it enough that you do not, in fact, wear your work clothes away from work. Form 1040 ez The clothing must not be suitable for taking the place of your regular clothing. Form 1040 ez Examples of workers who may be able to deduct the cost and upkeep of work clothes are: delivery workers, firefighters, health care workers, law enforcement officers, letter carriers, professional athletes, and transportation workers (air, rail, bus, etc. Form 1040 ez ). Form 1040 ez Musicians and entertainers can deduct the cost of theatrical clothing and accessories that are not suitable for everyday wear. Form 1040 ez However, work clothing consisting of white cap, white shirt or white jacket, white bib overalls, and standard work shoes, which a painter is required by his union to wear on the job, is not distinctive in character or in the nature of a uniform. Form 1040 ez Similarly, the costs of buying and maintaining blue work clothes worn by a welder at the request of a foreman are not deductible. Form 1040 ez Protective clothing. Form 1040 ez   You can deduct the cost of protective clothing required in your work, such as safety shoes or boots, safety glasses, hard hats, and work gloves. Form 1040 ez   Examples of workers who may be required to wear safety items are: carpenters, cement workers, chemical workers, electricians, fishing boat crew members, machinists, oil field workers, pipe fitters, steamfitters, and truck drivers. Form 1040 ez Military uniforms. Form 1040 ez   You generally cannot deduct the cost of your uniforms if you are on full-time active duty in the armed forces. Form 1040 ez However, if you are an armed forces reservist, you can deduct the unreimbursed cost of your uniform if military regulations restrict you from wearing it except while on duty as a reservist. Form 1040 ez In figuring the deduction, you must reduce the cost by any nontaxable allowance you receive for these expenses. Form 1040 ez   If local military rules do not allow you to wear fatigue uniforms when you are off duty, you can deduct the amount by which the cost of buying and keeping up these uniforms is more than the uniform allowance you receive. Form 1040 ez   You can deduct the cost of your uniforms if you are a civilian faculty or staff member of a military school. Form 1040 ez Tax Preparation Fees (Line 22) You can usually deduct tax preparation fees in the year you pay them. Form 1040 ez Thus, on your 2013 return, you can deduct fees paid in 2013 for preparing your 2012 return. Form 1040 ez These fees include the cost of tax preparation software programs and tax publications. Form 1040 ez They also include any fee you paid for electronic filing of your return. Form 1040 ez Other Expenses (Line 23) You can deduct certain other expenses as miscellaneous itemized deductions subject to the 2% limit. Form 1040 ez On Schedule A (Form 1040), line 23, you can deduct expenses that you pay: To produce or collect income that must be included in your gross income, To manage, conserve, or maintain property held for producing such income, or To determine, contest, pay, or claim a refund of any tax. Form 1040 ez You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonably and closely related to these purposes. Form 1040 ez Some of these other expenses are explained in the following discussions. Form 1040 ez If the expenses you pay produce income that is only partially taxable, see Tax-Exempt Income Expenses , later, under Nondeductible Expenses. Form 1040 ez Appraisal Fees You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property. Form 1040 ez Casualty and Theft Losses You can deduct a casualty or theft loss as a miscellaneous itemized deduction subject to the 2% limit if you used the damaged or stolen property in performing services as an employee. Form 1040 ez First report the loss in Section B of Form 4684, Casualties and Thefts. Form 1040 ez You may also have to include the loss on Form 4797, Sales of Business Property, if you are otherwise required to file that form. Form 1040 ez To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. Form 1040 ez For other casualty and theft losses, see chapter 25. Form 1040 ez Clerical Help and Office Rent You can deduct office expenses, such as rent and clerical help, that you have in connection with your investments and collecting the taxable income on them. Form 1040 ez Credit or Debit Card Convenience Fees You can deduct the convenience fee charged by the card processor for paying your income tax (including estimated tax payments) by credit or debit card. Form 1040 ez The fees are deductible in the year paid. Form 1040 ez Depreciation on Home Computer You can deduct depreciation on your home computer if you use it to produce income (for example, to manage your investments that produce taxable income). Form 1040 ez You generally must depreciate the computer using the straight line method over the Alternative Depreciation System (ADS) recovery period. Form 1040 ez But if you work as an employee and also use the computer in that work, see Publication 946. Form 1040 ez Excess Deductions of an Estate If an estate's total deductions in its last tax year are more than its gross income for that year, the beneficiaries succeeding to the estate's property can deduct the excess. Form 1040 ez Do not include deductions for the estate's personal exemption and charitable contributions when figuring the estate's total deductions. Form 1040 ez The beneficiaries can claim the deduction only for the tax year in which, or with which, the estate terminates, whether the year of termination is a normal year or a short tax year. Form 1040 ez For more information, see Termination of Estate in Publication 559, Survivors, Executors, and Administrators. Form 1040 ez Fees to Collect Interest and Dividends You can deduct fees you pay to a broker, bank, trustee, or similar agent to collect your taxable bond interest or dividends on shares of stock. Form 1040 ez But you cannot deduct a fee you pay to a broker to buy investment property, such as stocks or bonds. Form 1040 ez You must add the fee to the cost of the property. Form 1040 ez You cannot deduct the fee you pay to a broker to sell securities. Form 1040 ez You can use the fee only to figure gain or loss from the sale. Form 1040 ez See the Instructions for Form 8949 for information on how to report the fee. Form 1040 ez Hobby Expenses You can generally deduct hobby expenses, but only up to the amount of hobby income. Form 1040 ez A hobby is not a business because it is not carried on to make a profit. Form 1040 ez See Activity not for profit in chapter 12 under Other Income. Form 1040 ez Indirect Deductions of Pass-Through Entities Pass-through entities include partnerships, S corporations, and mutual funds that are not publicly offered. Form 1040 ez Deductions of pass-through entities are passed through to the partners or shareholders. Form 1040 ez The partners or shareholders can deduct their share of passed-through deductions for investment expenses as miscellaneous itemized deductions subject to the 2% limit. Form 1040 ez Example. Form 1040 ez You are a member of an investment club that is formed solely to invest in securities. Form 1040 ez The club is treated as a partnership. Form 1040 ez The partnership's income is solely from taxable dividends, interest, and gains from sales of securities. Form 1040 ez In this case, you can deduct your share of the partnership's operating expenses as miscellaneous itemized deductions subject to the 2% limit. Form 1040 ez However, if the investment club partnership has investments that also produce nontaxable income, you cannot deduct your share of the partnership's expenses that produce the nontaxable income. Form 1040 ez Publicly offered mutual funds. Form 1040 ez   Publicly offered mutual funds do not pass deductions for investment expenses through to shareholders. Form 1040 ez A mutual fund is “publicly offered” if it is: Continuously offered pursuant to a public offering, Regularly traded on an established securities market, or Held by or for at least 500 persons at all times during the tax year. Form 1040 ez   A publicly offered mutual fund will send you a Form 1099-DIV, Dividends and Distributions, or a substitute form, showing the net amount of dividend income (gross dividends minus investment expenses). Form 1040 ez This net figure is the amount you report on your return as income. Form 1040 ez You cannot further deduct investment expenses related to publicly offered mutual funds because they are already included as part of the net income amount. Form 1040 ez Information returns. Form 1040 ez   You should receive information returns from pass-through entities. Form 1040 ez Partnerships and S corporations. Form 1040 ez   These entities issue Schedule K-1, which lists the items and amounts you must report and identifies the tax return schedules and lines to use. Form 1040 ez Nonpublicly offered mutual funds. Form 1040 ez   These funds will send you a Form 1099-DIV, Dividends and Distributions, or a substitute form, showing your share of gross income and investment expenses. Form 1040 ez You can claim the expenses only as a miscellaneous itemized deduction subject to the 2% limit. Form 1040 ez Investment Fees and Expenses You can deduct investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income. Form 1040 ez Legal Expenses You can usually deduct legal expenses that you incur in attempting to produce or collect taxable income or that you pay in connection with the determination, collection, or refund of any tax. Form 1040 ez You can also deduct legal expenses that are: Related to either doing or keeping your job, such as those you paid to defend yourself against criminal charges arising out of your trade or business, For tax advice related to a divorce, if the bill specifies how much is for tax advice and it is determined in a reasonable way, or To collect taxable alimony. Form 1040 ez You can deduct expenses of resolving tax issues relating to profit or loss from business (Schedule C or C-EZ), rentals or royalties (Schedule E), or farm income and expenses (Schedule F), on the appropriate schedule. Form 1040 ez You deduct expenses of resolving nonbusiness tax issues on Schedule A (Form 1040). Form 1040 ez See Tax Preparation Fees , earlier. Form 1040 ez Loss on Deposits For information on whether, and if so, how, you may deduct a loss on your deposit in a qualified financial institution, see Loss on Deposits in chapter 25. Form 1040 ez Repayments of Income If you had to repay an amount that you included in income in an earlier year, you may be able to deduct the amount you repaid. Form 1040 ez If the amount you had to repay was ordinary income of $3,000 or less, the deduction is subject to the 2% limit. Form 1040 ez If it was more than $3,000, see Repayments Under Claim of Right under Deductions Not Subject to the 2% Limit, later. Form 1040 ez Repayments of Social Security Benefits For information on how to deduct your repayments of certain social security benefits, see Repayments More Than Gross Benefits in chapter 11. Form 1040 ez Safe Deposit Box Rent You can deduct safe deposit box rent if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. Form 1040 ez You cannot deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities. Form 1040 ez Service Charges on Dividend Reinvestment Plans You can deduct service charges you pay as a subscriber in a dividend reinvestment plan. Form 1040 ez These service charges include payments for: Holding shares acquired through a plan, Collecting and reinvesting cash dividends, and Keeping individual records and providing detailed statements of accounts. Form 1040 ez Trustee's Administrative Fees for IRA Trustee's administrative fees that are billed separately and paid by you in connection with your individual retirement arrangement (IRA) are deductible (if they are ordinary and necessary) as a miscellaneous itemized deduction subject to the 2% limit. Form 1040 ez For more information about IRAs, see chapter 17. Form 1040 ez Deductions Not Subject to the 2% Limit You can deduct the items listed below as miscellaneous itemized deductions. Form 1040 ez They are not subject to the 2% limit. Form 1040 ez Report these items on Schedule A (Form 1040), line 28. Form 1040 ez List of Deductions Each of the following items is discussed in detail after the list (except where indicated). Form 1040 ez Amortizable premium on taxable bonds. Form 1040 ez Casualty and theft losses from income- producing property. Form 1040 ez Federal estate tax on income in respect of a decedent. Form 1040 ez Gambling losses up to the amount of gambling winnings. Form 1040 ez Impairment-related work expenses of persons with disabilities. Form 1040 ez Loss from other activities from Schedule K-1 (Form 1065-B), box 2. Form 1040 ez Losses from Ponzi-type investment schemes. Form 1040 ez See Losses from Ponzi-type investment schemes under Theft in chapter 25. Form 1040 ez Repayments of more than $3,000 under a claim of right. Form 1040 ez Unrecovered investment in an annuity. Form 1040 ez Amortizable Premium on Taxable Bonds In general, if the amount you pay for a bond is greater than its stated principal amount, the excess is bond premium. Form 1040 ez You can elect to amortize the premium on taxable bonds. Form 1040 ez The amortization of the premium is generally an offset to interest income on the bond rather than a separate deduction item. Form 1040 ez Part of the premium on some bonds may be a miscellaneous deduction not subject to the 2% limit. Form 1040 ez For more information, see Amortizable Premium on Taxable Bonds in Publication 529, and Bond Premium Amortization in chapter 3 of Publication 550, Investment Income and Expenses. Form 1040 ez Casualty and Theft Losses of Income-Producing Property You can deduct a casualty or theft loss as a miscellaneous itemized deduction not subject to the 2% limit if the damaged or stolen property was income-producing property (property held for investment, such as stocks, notes, bonds, gold, silver, vacant lots, and works of art). Form 1040 ez First, report the loss in Form 4684, Section B. Form 1040 ez You may also have to include the loss on Form 4797, Sales of Business Property if you are otherwise required to file that form. Form 1040 ez To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. Form 1040 ez For more information on casualty and theft losses, see chapter 25. Form 1040 ez Federal Estate Tax on Income in Respect of a Decedent You can deduct the federal estate tax attributable to income in respect of a decedent that you as a beneficiary include in your gross income. Form 1040 ez Income in respect of the decedent is gross income that the decedent would have received had death not occurred and that was not properly includible in the decedent's final income tax return. Form 1040 ez See Publication 559 for more information. Form 1040 ez Gambling Losses Up to the Amount of Gambling Winnings You must report the full amount of your gambling winnings for the year on Form 1040, line 21. Form 1040 ez You deduct your gambling losses for the year on Schedule A (Form 1040), line 28. Form 1040 ez You cannot deduct gambling losses that are more than your winnings. Form 1040 ez You cannot reduce your gambling winnings by your gambling losses and report the difference. Form 1040 ez You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction. Form 1040 ez Therefore, your records should show your winnings separately from your losses. Form 1040 ez Diary of winnings and losses. Form 1040 ez You must keep an accurate diary or similar record of your losses and winnings. Form 1040 ez Your diary should contain at least the following information. Form 1040 ez The date and type of your specific wager or wagering activity. Form 1040 ez The name and address or location of the gambling establishment. Form 1040 ez The names of other persons present with you at the gambling establishment. Form 1040 ez The amount(s) you won or lost. Form 1040 ez See Publication 529 for more information. Form 1040 ez Impairment-Related Work Expenses If you have a physical or mental disability that limits your being employed, or substantially limits one or more of your major life activities, such as performing manual tasks, walking, speaking, breathing, learning, and working, you can deduct your impairment-related work expenses. Form 1040 ez Impairment-related work expenses are ordinary and necessary business expenses for attendant care services at your place of work and for other expenses in connection with your place of work that are necessary for you to be able to work. Form 1040 ez Self-employed. Form 1040 ez   If you are self-employed, enter your impairment-related work expenses on the appropriate form (Schedule C, C-EZ, E, or F) used to report your business income and expenses. Form 1040 ez Loss From Other Activities From Schedule K-1 (Form 1065-B), Box 2 If the amount reported in Schedule K-1 (Form 1065-B), box 2, is a loss, report it on Schedule A (Form 1040), line 28. Form 1040 ez It is not subject to the passive activity limitations. Form 1040 ez Repayments Under Claim of Right If you had to repay more than $3,000 that you included in your income in an earlier year because at the time you thought you had an unrestricted right to it, you may be able to deduct the amount you repaid or take a credit against your tax. Form 1040 ez See Repayments in chapter 12 for more information. Form 1040 ez Unrecovered Investment in Annuity A retiree who contributed to the cost of an annuity can exclude from income a part of each payment received as a tax-free return of the retiree's investment. Form 1040 ez If the retiree dies before the entire investment is recovered tax free, any unrecovered investment can be deducted on the retiree's final income tax return. Form 1040 ez See chapter 10 for more information about the tax treatment of pensions and annuities. Form 1040 ez Nondeductible Expenses Examples of nondeductible expenses are listed next. Form 1040 ez The list is followed by discussions of additional nondeductible expenses. Form 1040 ez List of Nondeductible Expenses Broker's commissions that you paid in connection with your IRA or other investment property. Form 1040 ez Burial or funeral expenses, including the cost of a cemetery lot. Form 1040 ez Capital expenses. Form 1040 ez Fees and licenses, such as car licenses, marriage licenses, and dog tags. Form 1040 ez Hobby losses, but see Hobby Expenses , earlier. Form 1040 ez Home repairs, insurance, and rent. Form 1040 ez Illegal bribes and kickbacks. Form 1040 ez See Bribes and kickbacks in chapter 11 of Publication 535. Form 1040 ez Losses from the sale of your home, furniture, personal car, etc. Form 1040 ez Personal disability insurance premiums. Form 1040 ez Personal, living, or family expenses. Form 1040 ez The value of wages never received or lost vacation time. Form 1040 ez Adoption Expenses You cannot deduct the expenses of adopting a child, but you may be able to take a credit for those expenses. Form 1040 ez See chapter 37. Form 1040 ez Campaign Expenses You cannot deduct campaign expenses of a candidate for any office, even if the candidate is running for reelection to the office. Form 1040 ez These include qualification and registration fees for primary elections. Form 1040 ez Legal fees. Form 1040 ez   You cannot deduct legal fees paid to defend charges that arise from participation in a political campaign. Form 1040 ez Check-Writing Fees on Personal Account If you have a personal checking account, you cannot deduct fees charged by the bank for the privilege of writing checks, even if the account pays interest. Form 1040 ez Club Dues Generally, you cannot deduct the cost of membership in any club organized for business, pleasure, recreation, or other social purpose. Form 1040 ez This includes business, social, athletic, luncheon, sporting, airline, hotel, golf, and country clubs. Form 1040 ez You cannot deduct dues paid to an organization if one of its main purposes is to: Conduct entertainment activities for members or their guests, or Provide members or their guests with access to entertainment facilities. Form 1040 ez Dues paid to airline, hotel, and luncheon clubs are not deductible. Form 1040 ez Commuting Expenses You cannot deduct commuting expenses (the cost of transportation between your home and your main or regular place of work). Form 1040 ez If you haul tools, instruments, or other items, in your car to and from work, you can deduct only the additional cost of hauling the items such as the rent on a trailer to carry the items. Form 1040 ez Fines or Penalties You cannot deduct fines or penalties you pay to a governmental unit for violating a law. Form 1040 ez This includes an amount paid in settlement of your actual or potential liability for a fine or penalty (civil or criminal). Form 1040 ez Fines or penalties include parking tickets, tax penalties, and penalties deducted from teachers' paychecks after an illegal strike. Form 1040 ez Health Spa Expenses You cannot deduct health spa expenses, even if there is a job requirement to stay in excellent physical condition, such as might be required of a law enforcement officer. Form 1040 ez Home Security System You cannot deduct the cost of a home security system as a miscellaneous deduction. Form 1040 ez However, you may be able to claim a deduction for a home security system as a business expense if you have a home office. Form 1040 ez See Home Office under Unreimbursed Employee Expenses, earlier, and Security System under Deducting Expenses in Publication 587. Form 1040 ez Investment-Related Seminars You cannot deduct any expenses for attending a convention, seminar, or similar meeting for investment purposes. Form 1040 ez Life Insurance Premiums You cannot deduct premiums you pay on your life insurance. Form 1040 ez You may be able to deduct, as alimony, premiums you pay on life insurance policies assigned to your former spouse. Form 1040 ez See chapter 18 for information on alimony. Form 1040 ez Lobbying Expenses You generally cannot deduct amounts paid or incurred for lobbying expenses. Form 1040 ez These include expenses to: Influence legislation, Participate or intervene in any political campaign for, or against, any candidate for public office, Attempt to influence the general public, or segments of the public, about elections, legislative matters, or referendums, or Communicate directly with covered executive branch officials in any attempt to influence the official actions or positions of those officials. Form 1040 ez Lobbying expenses also include any amounts paid or incurred for research, preparation, planning, or coordination of any of these activities. Form 1040 ez Dues used for lobbying. Form 1040 ez   If a tax-exempt organization notifies you that part of the dues or other amounts you pay to the organization are used to pay nondeductible lobbying expenses, you cannot deduct that part. Form 1040 ez See Lobbying Expenses in Publication 529 for information on exceptions. Form 1040 ez Lost or Mislaid Cash or Property You cannot deduct a loss based on the mere disappearance of money or property. Form 1040 ez However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. Form 1040 ez See chapter 25. Form 1040 ez Example. Form 1040 ez A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. Form 1040 ez The diamond falls from the ring and is never found. Form 1040 ez The loss of the diamond is a casualty. Form 1040 ez Lunches with Co-workers You cannot deduct the expenses of lunches with co-workers, except while traveling away from home on business. Form 1040 ez See chapter 26 for information on deductible expenses while traveling away from home. Form 1040 ez Meals While Working Late You cannot deduct the cost of meals while working late. Form 1040 ez However, you may be able to claim a deduction if the cost of meals is a deductible entertainment expense, or if you are traveling away from home. Form 1040 ez See chapter 26 for information on deductible entertainment expenses and expenses while traveling away from home. Form 1040 ez Personal Legal Expenses You cannot deduct personal legal expenses such as those for the following. Form 1040 ez Custody of children. Form 1040 ez Breach of promise to marry suit. Form 1040 ez Civil or criminal charges resulting from a personal relationship. Form 1040 ez Damages for personal injury, except for certain unlawful discrimination and whistleblower claims. Form 1040 ez Preparation of a title (or defense or perfection of a title). Form 1040 ez Preparation of a will. Form 1040 ez Property claims or property settlement in a divorce. Form 1040 ez You cannot deduct these expenses even if a result of the legal proceeding is the loss of income-producing property. Form 1040 ez Political Contributions You cannot deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. Form 1040 ez Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate are not deductible. Form 1040 ez Professional Accreditation Fees You cannot deduct professional accreditation fees such as the following. Form 1040 ez Accounting certificate fees paid for the initial right to practice accounting. Form 1040 ez Bar exam fees and incidental expenses in securing initial admission to the bar. Form 1040 ez Medical and dental license fees paid to get initial licensing. Form 1040 ez Professional Reputation You cannot deduct expenses of radio and TV appearances to increase your personal prestige or establish your professional reputation. Form 1040 ez Relief Fund Contributions You cannot deduct contributions paid to a private plan that pays benefits to any covered employee who cannot work because of any injury or illness not related to the job. Form 1040 ez Residential Telephone Service You cannot deduct any charge (including taxes) for basic local telephone service for the first telephone line to your residence, even if it is used in a trade or business. Form 1040 ez Stockholders' Meetings You cannot deduct transportation and other expenses you pay to attend stockholders' meetings of companies in which you own stock but have no other interest. Form 1040 ez You cannot deduct these expenses even if you are attending the meeting to get information that would be useful in making further investments. Form 1040 ez Tax-Exempt Income Expenses You cannot deduct expenses to produce tax-exempt income. Form 1040 ez You cannot deduct interest on a debt incurred or continued to buy or carry  tax-exempt securities. Form 1040 ez If you have expenses to produce both taxable and tax-exempt income, but you cannot identify the expenses that produce each type of income, you must divide the expenses based on the amount of each type of income to determine the amount that you can deduct. Form 1040 ez Example. Form 1040 ez During the year, you received taxable interest of $4,800 and tax-exempt interest of $1,200. Form 1040 ez In earning this income, you had total expenses of $500 during the year. Form 1040 ez You cannot identify the amount of each expense item that is for each income item. Form 1040 ez Therefore, 80% ($4,800/$6,000) of the expense is for the taxable interest and 20% ($1,200/$6,000) is for the tax-exempt interest. Form 1040 ez You can deduct, subject to the 2% limit, expenses of $400 (80% of $500). Form 1040 ez Travel Expenses for Another Individual You generally cannot deduct travel expenses you pay or incur for a spouse, dependent, or other individual who accompanies you (or your employee) on business or personal travel unless the spouse, dependent, or other individual is an employee of the taxpayer, the travel is for a bona fide business purpose, and such expenses would otherwise be deductible by the spouse, dependent, or other individual. Form 1040 ez See chapter 26 for more information on deductible travel expenses. Form 1040 ez Voluntary Unemployment Benefit Fund Contributions You cannot deduct voluntary unemployment benefit fund contributions you make to a union fund or a private fund. Form 1040 ez However, you can deduct contributions as taxes if state law requires you to make them to a state unemployment fund that covers you for the loss of wages from unemployment caused by business conditions. Form 1040 ez Wristwatches You cannot deduct the cost of a wristwatch, even if there is a job requirement that you know the correct time to properly perform your duties. Form 1040 ez Prev  Up  Next   Home   More Online Publications
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The Bureau of Labor Statistics measures labor market activity, working conditions, and price changes in the economy.

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The Form 1040 Ez

Form 1040 ez Index A Abandonments, Abandonments Annuities, Insurance Policies and Annuities Asset classification Capital, Capital Assets Noncapital, Noncapital Assets Assistance (see Tax help) Assumption of liabilities, Assumption of liabilities. Form 1040 ez , Liabilities. Form 1040 ez B Basis Adjusted, Adjusted basis. Form 1040 ez Original, Basis. Form 1040 ez Bonds, U. Form 1040 ez S. Form 1040 ez Treasury, U. Form 1040 ez S. Form 1040 ez Treasury Notes or Bonds Business, sold, Sale of a Business C Canceled Debt, Cancellation of debt. Form 1040 ez Lease, Cancellation of a lease. Form 1040 ez Real property sale, Canceling a sale of real property. Form 1040 ez Capital assets defined, Capital Assets Capital gains and losses Figuring, Long and Short Term Holding period, Holding period. Form 1040 ez Long term, Long and Short Term Short term, Long and Short Term Treatment of capital losses, Treatment of Capital Losses Casualties, Section 1231 transactions. Form 1040 ez Charitable organization Bargain sale to, Bargain sales to charity. Form 1040 ez , Bargain sale to charity. Form 1040 ez Gift to, Gift to charitable organization. Form 1040 ez Classes of assets, Classes of assets. Form 1040 ez Coal, Coal and Iron Ore Coins, Precious Metals and Stones, Stamps, and Coins Comments, Comments and suggestions. Form 1040 ez Commodities derivative financial instruments, Commodities derivative financial instrument. Form 1040 ez Condemnations, Condemnations, Section 1231 transactions. Form 1040 ez Conversion transactions, Conversion Transactions Copyrights, Copyright. Form 1040 ez , Copyrights. Form 1040 ez Covenant not to compete, Covenant not to compete. Form 1040 ez D Debt cancellation, Cancellation of debt. Form 1040 ez , Cancellation of debt. Form 1040 ez Deferred exchange, Deferred Exchange Depreciable property Real, Depreciable real property. Form 1040 ez Records, Depreciation Recapture Section 1245, Section 1245 property defined. Form 1040 ez , Like-Kind Exchanges and Involuntary Conversions Section 1250, Section 1250 property defined. Form 1040 ez Depreciation recapture Personal property, Section 1245 Property Real property, Section 1250 property defined. Form 1040 ez E Easement, Easement. Form 1040 ez Exchanges Deferred, Deferred Exchange Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges, Like-Kind Exchanges and Involuntary Conversions Nontaxable, Nontaxable Exchanges Related persons, Related persons. Form 1040 ez U. Form 1040 ez S. Form 1040 ez Treasury notes or bonds, U. Form 1040 ez S. Form 1040 ez Treasury Notes or Bonds F Fair market value, Fair market value. Form 1040 ez Foreclosure, Foreclosures and Repossessions Form 1040 (Sch. Form 1040 ez D), Schedule D and Form 8949 1099-A, Forms 1099-A and 1099-C. Form 1040 ez , Forms 1099-A and 1099-C. Form 1040 ez 1099-B, Form 1099-B. Form 1040 ez 1099-C, Forms 1099-A and 1099-C. Form 1040 ez , Forms 1099-A and 1099-C. Form 1040 ez 1099-S, Form 1099-S. Form 1040 ez 4797, Business property. Form 1040 ez , Reporting the exchange. Form 1040 ez , Form 4797 8594, Reporting requirement. Form 1040 ez 8824, Reporting the exchange. Form 1040 ez 8949, Forms to file. Form 1040 ez , Personal-use property. Form 1040 ez , Reporting the exchange. Form 1040 ez , More information. Form 1040 ez , Timber, Introduction, Form 1099-B. Form 1040 ez , Personal-use property. Form 1040 ez , Mark-to-market election. Form 1040 ez Franchise, Franchise, Trademark, or Trade Name Free tax services, Free help with your tax return. Form 1040 ez G Gains and losses Bargain sale, Bargain Sale Business property, Ordinary or Capital Gain or Loss for Business Property Defined, Gain or Loss From Sales and Exchanges Form 4797, Form 4797 Ordinary or capital, Ordinary or Capital Gain or Loss Property changed to business or rental use, Property Changed to Business or Rental Use Property used partly for rental, Property Used Partly for Business or Rental Reporting, Reporting Gains and Losses Gifts of property, Gifts, Gift. Form 1040 ez Gold, Precious Metals and Stones, Stamps, and Coins H Hedging transactions, Hedging transaction. Form 1040 ez Help (see Tax help) Holding period, Holding period. Form 1040 ez Housing, low income, Low-income housing. Form 1040 ez , Low-Income Housing With Two or More Elements I Indirect ownership of stock, Ownership of stock or partnership interests. Form 1040 ez Information returns, Information Returns Inherited property, Inherited property. Form 1040 ez Installment sales, Installment Sales, Installment sale. Form 1040 ez Insurance policies, Insurance Policies and Annuities Intangible property, Dispositions of Intangible Property Involuntary conversion Defined, Involuntary Conversions Depreciable property, Like-Kind Exchanges and Involuntary Conversions Iron ore, Coal and Iron Ore L Land Release of restriction, Release of restriction on land. Form 1040 ez Subdivision, Subdivision of Land Lease, cancellation of, Cancellation of a lease. Form 1040 ez Liabilities, assumption, Liabilities. Form 1040 ez Like-kind exchanges Deferred, Deferred Exchange Liabilities, assumed, Assumption of liabilities. Form 1040 ez Like-class property, Like-Kind Property Like-kind property, Like-Kind Property Multiple parties, Multiple-party transactions. Form 1040 ez Multiple property, Multiple Property Exchanges Partnership interests, Partnership Interests Qualifying property, Qualifying Property Related persons, Like-Kind Exchanges Between Related Persons Low-income housing, Low-income housing. Form 1040 ez M Multiple property exchanges, Multiple Property Exchanges N Noncapital assets defined, Noncapital Assets Nontaxable exchanges Like-kind, Like-Kind Exchanges Other nontaxable exchanges, Other Nontaxable Exchanges Partially, Partially Nontaxable Exchanges Property exchanged for stock, Property Exchanged for Stock Notes, U. Form 1040 ez S. Form 1040 ez Treasury, U. Form 1040 ez S. Form 1040 ez Treasury Notes or Bonds O Ordinary or capital gain, Ordinary or Capital Gain or Loss P Partially nontaxable exchanges, Partially Nontaxable Exchanges Partnership Controlled, Controlled partnership transaction. Form 1040 ez Related persons, Related persons. Form 1040 ez , Controlled entity. Form 1040 ez Sale or exchange of interest, Partnership Interests, Partnership interests. Form 1040 ez , Partnership interests. Form 1040 ez Patents, Patents Personal property Depreciable, Like-Kind Exchanges and Involuntary Conversions Gains and losses, Personal-use property. Form 1040 ez Transfer at death, Transfers at Death Precious metals and stones, Precious Metals and Stones, Stamps, and Coins Property used partly for business or rental, Property Used Partly for Business or Rental, Part business or rental. Form 1040 ez Publications (see Tax help) Publicly traded securities, rollover of gain from, Rollover of Gain From Publicly Traded Securities R Real property Depreciable, Depreciable real property. Form 1040 ez Transfer at death, Transfers at Death Related persons, Sales and Exchanges Between Related Persons Condemned property replacement, bought from, Buying replacement property from a related person. Form 1040 ez Gain on sale of property, Sales and Exchanges Between Related Persons Like-kind exchanges between, Like-Kind Exchanges Between Related Persons List, Related persons. Form 1040 ez Loss on sale of property, Nondeductible Loss Patent transferred to, Related persons. Form 1040 ez Replacement property, Replacement property. Form 1040 ez , Replacement property to be produced. Form 1040 ez Repossession, Foreclosures and Repossessions, Repossession. Form 1040 ez Residual method, sale of business, Residual method. Form 1040 ez Rollover of gain, Rollover of Gain From Publicly Traded Securities S Sale of a business, Sale of a Business Sales Bargain, charitable organization, Bargain sales to charity. Form 1040 ez , Bargain sale to charity. Form 1040 ez Installment, Installment Sales, Installment sale. Form 1040 ez Property changed to business or rental use, Property Changed to Business or Rental Use Related persons, Sales and Exchanges Between Related Persons, Related persons. Form 1040 ez Section 1231 gains and losses, Section 1231 Gains and Losses Section 1245 property Defined, Section 1245 Property Gain, ordinary income, Gain Treated as Ordinary Income Multiple asset accounts, Multiple asset accounts. Form 1040 ez Section 1250 property Additional depreciation, Additional Depreciation Defined, Section 1250 property defined. Form 1040 ez Foreclosure, Foreclosure. Form 1040 ez Gain, ordinary income, Gain Treated as Ordinary Income Nonresidential, Nonresidential real property. Form 1040 ez Residential, Residential rental property. Form 1040 ez Section 197 intangibles, Section 197 Intangibles Severance damages, Severance damages. Form 1040 ez Silver, Precious Metals and Stones, Stamps, and Coins Small business stock, Gains on Sales of Qualified Small Business Stock Specialized small business investment company (SSBIC), rollover of gain into, Rollover of Gain From Publicly Traded Securities Stamps, Precious Metals and Stones, Stamps, and Coins Stock Capital asset, Capital Assets Controlling interest, corporation, Controlling interest in a corporation. Form 1040 ez Indirect ownership, Ownership of stock or partnership interests. Form 1040 ez Property exchanged for, Property Exchanged for Stock Publicly traded securities, Rollover of Gain From Publicly Traded Securities Small business, Gains on Sales of Qualified Small Business Stock Suggestions, Comments and suggestions. Form 1040 ez T Tax help, How To Get Tax Help Tax rates, capital gain, Capital Gains Tax Rates Thefts, Section 1231 transactions. Form 1040 ez Timber, Timber, Section 1231 transactions. Form 1040 ez Trade name, Franchise, Trademark, or Trade Name Trademark, Franchise, Trademark, or Trade Name Transfers to spouse, Transfers to Spouse U U. Form 1040 ez S. Form 1040 ez Treasury bonds, U. Form 1040 ez S. Form 1040 ez Treasury Notes or Bonds Unharvested crops, Section 1231 transactions. Form 1040 ez Prev  Up     Home   More Online Publications