Transportation expenses for an employee include only the cost of transportation (e.g., taxi fares and automobile expenses) from home in travel status. Commuting expenses are not deductible.Expenses that include meals (generally subject to a 50 percent disallowance) and lodging and transportation expenses whilthat of an employee).
CCCapital gain propertyCCharitable contributionCHome equity loansCMedical expensesCCCAcquisition indebtednessHealth Savings Account (HSA)Miscellaneous itemized deductionsOrdinary income propertyQualified residence interest
Property contributed to a charitable organization that if sold rather than contributed, would have resulted in long-term capitaA medical savings account created in legislation enacted in December 2003 that is designed to replace and expand Archer Debt incurred in acquiring, constructing, or substantially improving a qualified residence of the taxpayer. The interest on sucinterest on such debt is deductible only on the portion of the indebtedness that does not exceed $1,000,000 ($500,000 for mContributions are deductible (subject to various restrictions and ceiling limitations) if made to qualified nonprofit charitable osolely in the year of payment. Accrual basis corporations may accrue contributions at year-end if payment is properly authorand one-half months after the end of the year. § 170.Loans that utilize the personal residence of the taxpayer as security. The interest on such loans is deductible as qualified reportion of the loan that does not exceed the lesser of (1) the fair market value of the residence, reduced by the acquisition iseparate returns). A major benefit of a home equity loan is that there are no tracing rules regarding the use of the loan proceMedical expenses of an individual, a spouse, and dependents are allowed as an itemized deduction to the extent such amopercent if at least age 65) of adjusted gross income. § 213.A special category of itemized deductions that includes expenses such as professional dues, tax return preparation fees, joand certain investment expenses. Such expenses are deductible only to the extent they exceed 2 percent of adjusted grossProperty contributed to a charitable organization that, if sold rather than contributed, would have resulted in other than long-short-term capital gain property). Examples are inventory and capital assets held for less than the long-term holding period.A term relevant in determining the amount of interest expense the individual taxpayer may deduct as an itemized deductionpersonal interest (consumer interest). Qualified residence interest consists of interest paid on qualified residences (principaqualifies as qualified residence interest is limited to $1 million of debt to acquire, construct, or substantially improve qualifieddebt secured by qualified residences (home equity indebtedness). The home equity indebtedness may not exceed the fair mindebtedness for that residence. § 163(h)(3).