Certain other expenses can be deducted as itemized deductions. To deduct miscellaneous expenses, the expenses must be incurred for one of the following:
- To produce or collect income that is included in your gross income
- To manage, conserve or maintain property held for producing gross income, or
- To determine, contest, pay or claim a refund of any tax
These types of expenses include:
- Appraisal fees for a casualty loss or charitable contribution
- Casualty and theft losses from property used in performing services as an employee
- Clerical help and office rent in caring for investments
- Depreciation on home computers used for investments
- Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust
- Fees to collect interest and dividends
- Hobby expenses, but generally not more than the amount of income from the hobby
- Indirect miscellaneous deductions of pass-through entities
- Investment fees and expenses
- Legal fees related to producing or collecting taxable income or getting tax advice
- Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed to you
- Loss on deposits in an insolvent or bankrupt financial institution
- Repayments of income
- Repayments of Social Security benefits
- Safe deposit box rental
- Service charges on dividend reinvestment plans
- Tax advice fees
- Trustee's fees for your IRA, if separately billed and paid