Question

I have precious metals and are the storage costs eligible for investment cost write off?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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Employee

It would be a miscellaneous itemized deduction. Miscellaneous itemized deductions are only available if you qualify to itemize and only to the extent that they exceed 2% of your Adjusted Gross Income.They are under the deductions and credits tab, then at the bottom of the page for "other deductions and credits."

Example: If your AGI is $50,000, only miscellaneous deductions over $1,000 are deductible. In this example, if your miscellaneous itemized deductions are $1,500, only the $500 above the 2% limit is added to the itemized deduction "pot", to determine if it is greater than your standard deduction. If not, none of the itemized deductions have a tax value.

G

GP2020

I'm married. Is the 2% of AGI both my wife and I (household income) or only my AGI?

I am the only one that purchased precious metals and will be selling them in the future.

X

xmasbaby0

Employee

The 2% of AGI miscellaneious deductions went away when the tax laws changed for 2018 and beyond.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**