IRS Deudctions

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  • Casualty Loss Tax Info. For a casualty loss to be tax deductible, the loss must be defined as a casualty by IRS' definition.
  • Deductible casualty losses can result from a number of different causes such as causes shown in the list below.
  • Nondeductible casualty losses are losses that result from progressive deterioration of your property rather than from a sudden event.
  • How to deduct a casualty loss? To deduct a casualty loss, you must be able to prove that you suffered a casualty.
  • Under the tax law, a theft is the taking and removing of money or property with the intent to deprive the owner of it.
  • You report job related expenses you incurred as an employee, which were not reimbursed by your employer, on line 20 of Schedule A.
  • If you deduct travel, entertainment, business gift, or local transportation expenses, you are required to keep records that substantiate certain elements of each type of deduction.
  • On Schedule A line 20, you can include the unreimbursed costs of education that is required by your employer or by the law to keep your present salary, status, or job.
  • What education expenses are tax deductible? The following are job related expenses that can be deducted.
  • Whether you can deduct allowable work related expenses depends on your reimbursement arrangement with your employer. Your employer may not reimburse you at all for your work related expenses.
  • You must use the tax form 2106 to figure and report travel, car, and other local transportation expenses whether or not you were reimbursed for these expenses.
  • The table below shows what your employer reports on your W-2 form and what you report on tax form 2106 to the IRS.
  • The following are some of the expenses that can be entered directly on line 20 of Schedule A as long as you did not receive reimbursement for them (or the reimbursements were all included in box 1 of your Form W-2).