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