Tuesday, May 5, 2015

Itemized Deductions

Schedule A

Charity: 50% AGI forward 5 years
Other misc: 100% gambling
Misc. expense: 2% [Business expenses, investment cost, tax prep/attorney]
Medical (not cosmetic): 10% AGI (65 yrs old + 7.5%); must exceed AGI %
Interest paid
Taxes: state
Theft/casualty: 10% AGI less $100

Items that will not phase out 
Gambling loss
Investment costs
Medical
Theft/Casualty

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