The cost of an appraisal of a painting may be deducted,subject to the 2% of adjusted gross income limitation,if the purpose of the appraisal is related to the preparation of an income tax return.

Question

The cost of an appraisal of a painting may be deducted,subject to the 2% of adjusted gross income limitation,if the purpose of the appraisal is related to the preparation of an income tax return.
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Quizplus · Accepted Answer

The cost of an appraisal of a painting can be deducted as a miscellaneous itemized deduction subject to the 2% AGI limitation if it is related to the preparation of an income tax return.

The Cost of an Appraisal of a Painting May Be