Which of the following miscellaneous itemized deductions are not subject to the 2% adjusted gross income limitation?
A)Investment publications expense.
B)Tax preparation fees.
C)Gambling losses,which are deductible up to the amount of gambling winnings.
D)Job-hunting expenses.

Question

Quizplus · Accepted Answer

Gambling losses are not subject to the 2% adjusted gross income limitation and are deductible up to the amount of gambling winnings. The other options (investment publications expense, tax preparation fees, job-hunting expenses) are subject to the 2% floor limit.

Which of the Following Miscellaneous Itemized Deductions Are Not Subject