"Of course" assumes alot! Your friend can write of his "Un-reimbused Employee Expenses" by using both the Form 2106 and the Schedule A and attaching them to his 1040 but.......1.) the amount of expenses he can deduct are only that amount EXCEEDING %2 of his income and, 2.) the total itemized deductions must EXCEED his standard deduction before it will make sense to do this. Yes, Virginia, there is a place in this world for professional tax preparers (as well as professional auto mechanics)!
2006-10-19 04:54:29
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answer #1
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answered by Great Tax Info 2
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The mechanic can claim the cost of tools that are purchased each year.
however, because the deduction is an unreimbursed employee expense, it goes on the schedule A form, which means your mechanic-friend must be eligible to itemize his/her taxes in order for there to be any real benefit.
2006-10-19 10:08:18
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answer #2
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answered by nova_queen_28 7
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Yes, I worked in the trades for years and we had to buy our own tools, even at the last hospital where I worked for a decade. The deduction is in the same section where you list employment costs including union dues.
Schedule A - line 20 ( note: there is a 2% AGI floor)
http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=0&rf=0&oq=&qt=schedule+a
2006-10-19 04:22:24
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answer #3
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answered by kate 7
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2016-11-23 19:22:30
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answer #4
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answered by reel 4
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Of course. This assumes new tool purchases. If he owns his tools from prior years, they are probably depreciated to a point where he can no longer claim them.
2006-10-19 04:27:40
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answer #5
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answered by nekkidneptunian 3
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yes
2006-10-19 05:52:37
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answer #6
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answered by Kenshin 5
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of course he can!
2006-10-19 04:17:55
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answer #7
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answered by Anonymous
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