Deductions: Expenses for the Production of Income Flashcards

1
Q

Expenses for the Production of Income

A

Individuals are entitled to deduct ordinary and necessary expenses for the production and collection of income and the management or maintenance of property held for the production of income, and expenses incurred in connection with the determination, collection, or refund of any tax

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2
Q

Limitations on Expenses for the Production of Income

A
  • Limited by 2% floor
  • The aggregate must exceed 2% of AGI
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