turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

fionang
New Member

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

 
This feature is pending. Thanks for your patience.
Didn't get the answer you wanted? Our digital assistant can help you.
4 Replies
bwa
Alumni
Alumni

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

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.


GP2020
New Member

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

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. 

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

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-re...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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

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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v