IRS Publication 529 - Miscellaneous Deductions

DEFINITION of 'IRS Publication 529 - Miscellaneous Deductions'

A document published by the Internal Revenue Service (IRS) detailing miscellaneous expenses that can be reported as itemized deductions on Schedule A of Form 1040 or Form 1040NR. The deduction is calculated by subtracting 2% of the adjusted gross income (AGI) from the total amount of expenses listed, though some items are excluded from this limit, with this subtraction coming after any other deduction limit. Expenses can be claimed if they are considered ordinary and necessary in a particular line of business.

BREAKING DOWN 'IRS Publication 529 - Miscellaneous Deductions'

Taxpayers must keep receipts, checks, account statements or other physical records in order to prove expenses. More information about recordkeeping is available in IRS Publication 552 (Recordkeeping for Individuals).


Miscellaneous deductions are often those that are not reimbursed by employers but are still incurred by employees. Some items which may seem ordinary and necessary may actually be considered personal expenses by the IRS, and thus not subject to a tax deduction.

RELATED TERMS
  1. Schedule A

    Schedule A is a U.S. income tax form that is used by taxpayers ...
  2. IRS Publication 535 - Business ...

    A document published by the Internal Revenue Service (IRS) that ...
  3. Above The Line Deduction

    Above the line deductions are certain types of deductions that ...
  4. Itemized Deduction

    A deduction from a taxpayer's taxable adjusted gross income that ...
  5. IRS Publication 936

    A document published by the Internal Revenue Service (IRS) that ...
  6. Deductible

    1. The amount you have to pay out-of-pocket for expenses before ...
Related Articles
  1. Personal Finance

    An Overview Of Itemized Deductions

    Not taking the standard deduction this year could save you hundreds of dollars.
  2. Financial Advisor

    Top Tax Tips to Deduct Investment Management Fees

    Investment expenses can be deducted by those who meet three main criteria. Here's what they are and how they work.
  3. Personal Finance

    The Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  4. Financial Advisor

    Increase Your Tax Refund With Above-The-Line Deductions

    Find out about these deductions and how you can use them to lower your tax bill.
  5. Financial Advisor

    How to Deduct Medical Insurance Premiums

    An overview of tax breaks for those who pay medical insurance premiums.
  6. Personal Finance

    What is Adjusted Gross Income?

    Adjusted gross income (AGI) is a term from the Internal Revenue Code. AGI is used to determine a person’s income taxes due.
  7. Personal Finance

    Why You Should Itemize Your Tax Deductions

    This strategy of moving your tax deductable payments and donations to the following year could mean hundreds more on your return.
  8. Personal Finance

    What's a Deductible?

    With insurance, a deductible is the amount of money the insured pays out-of-pocket before the insurance company pays for the loss.
  9. Personal Finance

    How To Deduct Your Job Search Expenses

    With approximately 12 million Americans out of a job right now, many people are spending significant dollars to be noticed by potential employers. Fortunately, some of these job-search costs ...
  10. Personal Finance

    Writing Off the Expenses of Starting Your Own Business

    Learn how to navigate the complicated rules for writing off the expenses of starting your own business. It could save you a lot of money.
RELATED FAQS
  1. Can I deduct the cost of a veterinarian license and continuing education as a miscellaneous ...

    I am a retired veterinarian and keep my licenses current and active, but to do this I am also required... Read Answer >>
  2. Are mutual fund expense ratios tax deductible?

    Learn under what circumstances mutual fund expense ratios and other investment-related expenses may be tax deductible under ... Read Answer >>
  3. What are the deductions taken to determine AGI (adjusted gross income)?

    Read more about the deductions taken to arrive at adjusted gross income, or AGI, including the differences between above ... Read Answer >>
  4. How is the deductible I paid for my insurance claim treated for tax purposes?

    Find out how your health insurance deductible is treated for tax purposes and under what conditions you may be able to deduct ... Read Answer >>
  5. How do I know whether to itemize deductions or take the standard deduction?

    Taking the standard deduction is the easiest and most common method chosen by filers, but many taxpayers may wind up paying ... Read Answer >>
  6. What are some good free online calculators for AGI (adjusted gross income)?

    Learn specific information about adjusted gross income and modified adjusted gross income and where free online calculators ... Read Answer >>
Hot Definitions
  1. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  2. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  3. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  4. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  5. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
  6. Weighted Average Life - WAL

    The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, ...
Trading Center