Which of the following is a deductible miscellaneous itemized deduction?
A)gambling losses to the extent of gambling winnings.
B)fees for investment advice.
C)employee business expenses.
D)tax preparation fees.
E)All of the choices are true.

Question

Quizplus · Accepted Answer

Gambling losses are deductible to the extent of gambling winnings as a miscellaneous itemized deduction. Other options like fees for investment advice, employee business expenses, and tax preparation fees were affected by the Tax Cuts and Jobs Act of 2017, which suspended miscellaneous itemized deductions that were subject to the 2% floor until 2025.

Which of the Following Is a Deductible Miscellaneous Itemized Deduction