Which of the following items would be an itemized deduction on Schedule A of Form 1040 not subject to the 2%-of-AGI floor?
A)Professional dues paid by an accountant (employed by Ford Motor Co.) to the National Association of Accountants.
B)Gambling losses to the extent of gambling winnings.
C)Job hunting costs.
D)Appraisal fee paid to a valuation expert to determine the fair market value of art work donated to a qualified museum.
E)None of the above.

Question

Quizplus · Accepted Answer

Gambling losses are deductible to the extent of gambling winnings and are not subject to the 2%-of-AGI floor on Schedule A.

Which of the Following Items Would Be an Itemized Deduction