Miscellaneous itemized deductions – What you can — and can’t — deduct

Description

Abstract: Most taxpayers are very familiar with itemized deductions related to home ownership, medical expenses and charitable donations. But many are less familiar with miscellaneous itemized deductions. These are divided into two broad categories: those that can be deducted to the extent the total exceeds 2% of adjusted gross income, and those that aren’t subject to the 2% floor. This article explains miscellaneous expenses that are deductible, and those that aren’t. And a sidebar notes that miscellaneous itemized deductions aren’t always useful for taxpayers who owe the alternative minimum tax.