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chapekis
New Member

Do I need to list itemized deductions for 2018 if they amount to less than the standard deduction?

I used to itemize business expenses, but that is no longer allowed.  However in 2018, I sold a car that was used in my business which I had been depreciating over the years.  When I itemized, it made me report the sale and calculated a gain of about $2,000 (based on the depreciation), increasing my tax liability by about $600.  Do I still have to report this if I am no longer allowed to itemize?  I did trade the car in for a newer car, which I'm also using in business, so I didn't technically realize any gain.

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3 Replies

Do I need to list itemized deductions for 2018 if they amount to less than the standard deduction?

Business expenses are NOT itemized deductions.  You enter your Business Income and Expenses on Schedule C
Your personal, not business, itemized deductions are entered on Schedule A.
chapekis
New Member

Do I need to list itemized deductions for 2018 if they amount to less than the standard deduction?

Sorry, "job-related expenses".
KatrinaB
Intuit Alumni

Do I need to list itemized deductions for 2018 if they amount to less than the standard deduction?

You are correct, job-related expenses are no longer deductible on Schedule A. However, if you have a mortgage you may want to enter that information. If you live in one of the states listed below you may be allowed to itemize deductions even if you take the federal standard deduction.

States that allow itemized deductions for taxpayers claiming the federal standard deduction: Alabama, Arizona. Arkansas, Califonia, Delaware, Hawaii, Idaho, Iowa, Kentucky, Minnesota, Mississippi, Montana, New York, North Carolina, Oregon, and Wisconsin. 

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