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Miscellaneous Itemized Deductions You Can Take On Your Federal Income Tax Return 
by kmhagen September 19, 2005

Gambling losses are deductible up to the amount of gambling winnings.  You cannot report a net loss from gambling for tax purposes.  Also, you cannot net your gambling winnings and losses and report the difference.  You must report your gambling winnings as Other Income on Form 1040, and deduct your losses here, as a miscellaneous deduction not subject to the 2% of AGI limit.  You should therefore keep separate records of your gambling winnings and losses.

Impairment-related work expenses of persons with disabilities can be deducted here.  If you have expenses that you incur in order to be able to work, despite a physical or mental disability that would limit your ability to be employed or that limits a major life activity, you can claim a deduction for those expenses.  If you are an employee, you would first report these expenses on Form 2106 or 2106-EZ.  Your employee expenses related to your impairment would be reported here as a miscellaneous deduction not subject to the 2% of AGI limit, and employee expenses not related to your impairment would be reported as un-reimbursed employee expenses on line 20 of Schedule A.

Amounts that you had to repay under a claim of right, and that you had previously included in taxable income, are reported here, to the extent they exceed $3,000.  The first $3,000 of repayments are deductible as a miscellaneous itemized deduction subject to the 2% of AGI limit on line 22 of Schedule A, as mentioned above.

A miscellaneous deduction can be claimed for the un-recovered investment in an annuity.  A retiree who is receiving an annuity can exclude from taxable income the portion of each annuity payment that represents a return of the retiree’s cost, or investment in the annuity.  If the retiree dies before recovering the entire cost, the difference can be claimed as a miscellaneous itemized deduction.



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