CPAnet Forum: Itemized Deduction

Active Topics

Memberlist

Help

REG STUDY GROUP
CPAnet Forum : REG STUDY GROUP

Topic: Itemized Deduction (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

ms500
Major Contributor

Joined: 30 Jun 2008
Online Status: Offline
Posts: 482

Posted: 31 Mar 2009 at 14:03 \| IP Logged

1- Subscriptions to journals used for business are fully deductible on Schedule C per becker mcq #64) or under misc itemized deductions to the extent it exceed by 2%(per becker book R2-30)

2-Subscriptions for investment-related publications-(per becker mcq# 69 )-under misc itemized deductions to the extent it exceed by 2%

I understand, both of above should go under misc itemized deductions to the extent it exceed by 2%

Appreciate if some one clarify above

Thanks

__________________
BEC - Passed
REG - Passed
Audit- Passed
FARE - Passed Feb 2011 Finally Done
Ethics - 95

amii
Major Contributor

Joined: 07 Feb 2008
Location: United States
Online Status: Offline
Posts: 345

Posted: 31 Mar 2009 at 14:40 \| IP Logged

All these items ,which fall under the Misc items deductions will be
aggregated and if it exceeds 2% of TI, only up to tht extent it can be
deducted.

__________________
FAR -89
BEC -87
AUD -87
REG -93

Payal123
Major Contributor

Joined: 08 Jan 2009
Location: United States
Online Status: Offline
Posts: 330

Posted: 31 Mar 2009 at 14:44 \| IP Logged

Hi ms500,

Actually even i get confused with these deductions.

I understand it this way:
If the expenses are for business purposes & the taxpayer is self employed - it is fully deductible as business expense on sch. C

If the expenses are incurred by employee & are not reimbursed by employer then those are deductible as itemized deduction subject to 2% AGI.

Hence, subscription to professional journals if used for business - fully deductible on sch C.
if incurred by employee & not related to self employment business - deductible on sch. A subject to 2% AGI

Please correct me if i am wrong.

__________________
BEC - 87
REG - 91
FAR - 93
AUD - 87

Texas

Sorry, you can NOT post a reply.
This topic is closed.

Printable version

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum