Educational expenses incurred to maintain
or improve your skills in your current position are deductible as a
miscellaneous itemized expense, but are they subject to the 2% deduction or
can they go in the section of Schedule "Not subject to 2% limitation.
Educational expenses are subject to the 2% of
AGI limitation and typically considered un-reimbursed business expenses.
Last year, I did not have medical
insurance. As a result I had to pay out of pocket expenses when I needed to
see a doctor. One of the doctors I saw was a plastic surgeon. Can I put this
expense in the "Medical Expenses" part of the Schedule A?
Cosmetic Surgery is not deductible.
I've got a rental house that brought in
$21,000 in rental income in 2009. Expenses are around $4,000 for the year,
it's all at risk. I take part in the decisions for the property. It's been
rented for over a year and last year I received my deduction for depreciation,
interest and taxes. However, this year my AGI is over $150,000. Is there any
way I can take a deduction for my expenses. I am a full time employee and not
self-employed.
You will be able to deduct the rental
expenses to the extent of rental income. The rest of the loss will be
suspended until the property either generates income from rents or from the
sale. There really isn't any way to get around the Passive Activity Loss rules
with the special exception for rental losses or by generating some income.
