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- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I sold my residence at a loss. How do I report this on my tax return?
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
Subscriptions to Professional Journals and Newsletters
It has been estimated that information in the world now doubles every two years. How can you keep up with developments affecting your job or profession? Journals, newsletters, magazines, and online subscription sites help to provide needed information for your work, the cost of which may be deductible.
The cost of subscriptions to professional journals and newsletters are deductible. This applies to print as well as online versions. The cost is treated as a miscellaneous itemized deduction. Miscellaneous itemized expenses are deductible only to the extent they exceed 2 percent of adjusted gross income (the 2 percent of AGI floor).
There is no dollar limit on the amount you can deduct for subscriptions to professional journals and newsletters.
Noncash donations
For 2009, 21.9 million individual taxpayers who itemized deductions reported $31.8 billion in deductions for noncash charitable contributions. Corporate stock donations accounted for the largest percentage of total noncash donations, followed by clothing donations.
Source: Statistics of Income Bulletin, Spring 2012
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