Final answer:
Some miscellaneous itemized deductions that are not subject to the 2% limit include ``medical expenses, casualty and theft losses, gambling losses and charitable contributions``.
The answer is option ⇒1,2,3 and 4
Step-by-step explanation:
Some miscellaneous itemized deductions that are not subject to the 2% adjusted gross income (AGI) threshold include:
- 1) Medical expenses: Qualified medical expenses that exceed a certain percentage of your AGI can be deducted. These expenses can include medical and dental services, prescription medications, health insurance premiums, and long-term care expenses.
- 2) Casualty and theft losses: If you experience a loss due to a casualty event, such as a natural disaster, or theft, you may be able to deduct the unreimbursed amount after subtracting any insurance reimbursements.
- 3) Gambling losses: Gambling losses up to the amount of gambling winnings can be deducted, but only if you itemize deductions. Keep in mind that proper documentation, such as records of winnings and losses, is necessary to support these deductions.
- 4) Charitable contributions: Donations made to qualifying charitable organizations can be deducted, subject to certain limitations. This can include cash donations, property donations, and even out-of-pocket expenses incurred while volunteering.
It is important to note that starting from the tax year 2018, miscellaneous itemized deductions subject to the 2% AGI threshold have been suspended. This means that certain deductions that were previously available, such as unreimbursed employee expenses and tax preparation fees, are no longer deductible.
The answer is option ⇒1,2,3 and 4
Your question is incomplete, but most probably the full question was:
What are some miscellaneous itemized deductions that are not subject to the 2% adjusted gross income (AGI) threshold?
- 1) Medical expenses
- 2) Casualty and theft losses
- 3) Gambling losses
- 4) Charitable contributions