"wuffa" <magewuffa[at]gmail.com> wrote:

- quote -

Yes. It's a miscellaneous itemized deduction. Unfortunately
they only give you a tax break if the total cost of this
type of deduction exceeds 2% of your income.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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"wuffa" <magewuffa[at]gmail.com> wrote:

- quote -

Investment expenses are a miscellaneous deduction on
Schedule A of the 1040.

--
Phil Marti
Clarksburg, MD

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"wuffa" <magewuffa[at]gmail.com> writes:

- quote -

Yes, but it is a miscellaneous itemized deduction subject to
the 2% of AGI floor. So for starters, if you don't itemize,
you don't get it.

Next, you take your AGI (the very bottom number on the front
side of 1040) and multiply it by 2%. Then you add up all of
your misc deductions subject to the 2% of AGI floor. Then
you subtract 2% of your AGI from that total. If the
difference is greater than zero, you get a deduction for the
difference.

So if your AGI is $50,000, then 2% of that is $1,000. So if
all your misc itemized deductions subject to the 2% of AGI
floor don't total to more than $1,000, there's nothing to
deduct. If all those deductions total to, say, $1,200, then
you have a $200 deduction, and so on.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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wuffa wrote:

- quote -

Perhaps -- but only as miscellaneous itemized deductions.
Unless all those deductions exceed 2% of Adjusted Gross
Income, there's no affect.

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magewuffa[at]gmail.com (wuffa) asked:

- quote -

Yes, on Line 22, Schedule A (as expenses for the production
of income). However, it's subject to a 2% of AGI deductible.

Bill

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"wuffa" <magewuffa[at]gmail.com> wrote:

- quote -

List on Form 1040/Sch-A Line 22.

--
To reply to me directly, remove the XXX characters from my
email address.

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Can I take a fed tax deduction for buying investing tools
like software for Stock Searchs and Searchs and that kind of
things.

thanks

william wheeler

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