topic It would be a miscellaneous itemized deduction. Miscellan... in Get your taxes done using TurboTax

I have precious metals and are the storage costs eligible for investment cost write off?

fionang — Thu, 06 Jun 2019 05:31:10 GMT

It would be a miscellaneous itemized deduction. Miscellan...

bwa — Thu, 06 Jun 2019 05:31:12 GMT

It would be a miscellaneous itemized deduction. Miscellaneous itemized deductions are only available if you qualify to itemize and only to the extent that they exceed 2% of your Adjusted Gross Income.They are under the deductions and credits tab, then at the bottom of the page for "other deductions and credits."

Example: If your AGI is $50,000, only miscellaneous deductions over $1,000 are deductible. In this example, if your miscellaneous itemized deductions are $1,500, only the $500 above the 2% limit is added to the itemized deduction "pot", to determine if it is greater than your standard deduction. If not, none of the itemized deductions have a tax value.

Re: It would be a miscellaneous itemized deduction. Miscellan...

GP2020 — Sat, 29 Aug 2020 00:06:43 GMT

I'm married. Is the 2% of AGI both my wife and I (household income) or only my AGI?

I am the only one that purchased precious metals and will be selling them in the future.

Re: It would be a miscellaneous itemized deduction. Miscellan...

xmasbaby0 — Sat, 29 Aug 2020 00:20:27 GMT

The 2% of AGI miscellaneious deductions went away when the tax laws changed for 2018 and beyond.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform

Re: It would be a miscellaneous itemized deduction. Miscellan...

VolvoGirl — Sat, 29 Aug 2020 00:23:47 GMT

And to answer your question if you could take the 2% Misc Deduction it is based on your total AGI if you file a Joint return. There is only 1 AGI on a Joint return.