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spinsky
New Member

What kind of deductions can be put on line 16 of the Schedule A?

 
1 Reply
JulieCo
New Member

What kind of deductions can be put on line 16 of the Schedule A?

Per the IRS, below are the items allowed to be reported on line 16 of Schedule A:

  • Net qualified disaster loss from Form 4684, line 15
  • Gambling losses (gambling losses include, but aren't limited to, the cost of non-winning bingo, lottery, and raffle tickets), but only to the extent of gambling winnings reported on Schedule 1 (Form 1040), line 21.
  • Casualty and theft losses of income-producing property from Form 4684, lines 32 and 38b, or Form 4797, line 18a.
  • Loss from other activities from Schedule K-1 (Form 1065-B), box 2.
  • Federal estate tax on income in respect of a decedent.
  • A deduction for amortizable bond premium (for example, a deduction allowed for a bond premium carryforward or a deduction for amortizable bond premium on bonds acquired before October 23, 1986).
  • An ordinary loss attributable to a contingent payment debt instrument or an inflation-indexed debt instrument (for example, a Treasury Inflation-Protected Security).
  • Deduction for repayment of amounts under a claim of right if over $3,000. See Pub. 525 for details.
  • Certain unrecovered investment in a pension.
  • Impairment-related work expenses of a disabled person.



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