Is there a limit for professional expenses in total
No, there is no dollar limit, but to deduct job related expenses, you must itemize deductions
on Schedule A, and the sum total of your miscellaneous deductions including
your job related fees must exceed 2% of your Adjusted Gross Income.
For
example, if you itemize your deductions and your Adjusted Gross income is
$50,000, 2% would equal $1,000.
You
can only deduct the dollar amount of job related expenses that exceeds $1,000.
Is there a limit for professional expenses in total
No, there is no dollar limit, but to deduct job related expenses, you must itemize deductions
on Schedule A, and the sum total of your miscellaneous deductions including
your job related fees must exceed 2% of your Adjusted Gross Income.
For
example, if you itemize your deductions and your Adjusted Gross income is
$50,000, 2% would equal $1,000.
You
can only deduct the dollar amount of job related expenses that exceeds $1,000.
Is there a limit for professional expenses in total
shelbys02:
Or are the expenses related to self-employment (independent contractor, sole proprietor, etc.)?. If so, then they will be reported on Schedule C in the Business Income/Expenses section.
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