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Tax Year Prior to 2020: If I am making payments on my tool box can I still clame it as a deduction

If I am making payments on my tool box can I still clame it

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Tax Year Prior to 2020: If I am making payments on my tool box can I still clame it as a deduction

Yes, if it was purchased with a loan, you will treat it as a regular expense for the full purchase price.   You didn't say if you were an employee receiving a W-2 or self-employed.  I'm posting more information for an employee.  If that is not the case, and you need more information, please post in the comments area below.

If it is for a job for with you work as an "employee" receiving a W-2, and they are not reimbursed to you, then you can deduct them as an Unreimbursed Employee Business Form 2106.  It goes on Schedule A Itemized Deductions in the Misc section subject to a 2% of Adjusted Gross Income threshold.  If you don't itemize, then deducting them won't benefit you.  You can try it both ways and see which works out better for you.  The software will do the work for you.

Where do I enter job-related employee expenses? (Form 2106)

https://ttlc.intuit.com/replies/4800418

 

If that doesn't work for you, you can get to the correct area as follows:

  • Federal Taxes tab (Personal tab In the Home & Business version)
  • Deductions and Credits
  • scroll down to Employment Expenses
  • then, Job Expenses


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