How much can be claimed in taxes for tools purchased for employment?

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How much can be claimed in taxes for tools purchased for employment?

2007-12-21 08:27:04 · 2 answers · asked by stunston 2 in Business & Finance ➔ Taxes ➔ United States

2 answers

Employee business expenses (including necessary tools) are 2% miscellaneous itemized deductions. They can only be deducted if you itemize, and only to the extent that your total 2% misc. itemized deductions exceed 2% of your AGI.

If you are subject to the AMT, 2% miscellaneous itemized deductions are treated as a tax preference item. They are added back to calculate AMT income.

2007-12-21 08:34:06 · answer #1 · answered by taxreff 7 · 2⤊ 0⤋

Are you asking for the law, or are you asking how much you can get away with claiming if you don't have receipts?

Re: the law - see answer #1.

2007-12-21 12:29:22 · answer #2 · answered by nealeinmi 3 · 0⤊ 0⤋