If you have out-of-pocket job expenses, you can do so on your tax return. This will be located on Form 2106. However, prior to tax year 2018, taxpayers can deduct unreimbursed expenses that exceed 2% of their adjusted gross income. This is located on Schedule A for your itemized deductions. Due to the Tax Cuts […]
Spousal support (alimony) is fully taxable in the hands of the former spouse or common-law partner. Beginning in 2019, if a divorce or separation agreement was executed after Dec. 31, 2018, the alimony is no longer included in a spouse’s income or deductible. It also applies to separation agreements that were modified after Dec. 31, […]
You can deduct casualty and theft losses for both personal use property and income-producing business property. Prior to tax year 2018, you did not have special limitations. However, you can only report a loss caused by a federally declared disaster. Destruction of property by fire, storm, shipwreck, or other casualty and theft by larceny, embezzlement, […]
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