In the past, the purchase of TurboTax was deductable or so stated by previous versions. Are these costs still deductible? I just want to keep track of the costs if they will be in 2024.
No, as a result of tax reform (the TCJA) the costs are miscellaneous itemized deductions and have been eliminated through the 2025 tax year.
tsukada2006
Level 1
May 22, 2024 1:14:42 PM
thank you!
RSUMan
Employee Tax Expert
May 22, 2024 1:17:20 PM
If you have a Schedule C business and are using TurboTax Home and Business to complete your tax return, then a reasonable portion of the cost of the software is deductible as an ordinary and necessary business expense.