____ You did not deduct personal living or family expenses other than those specifically provided by law.
____ The value of your time and labor was not deducted.
____ Regarding expenses incurred in the sale or purchase of your home, you did not deduct personal living or family expenses other than those specifically provided by law. (Closing costs are nondeductible capital expenditures. The amount paid to purchase a home should be added to the basis. The amount paid to sell a home should be added to the selling expense.)
____ You did not deduct the cost associated with adopting a child.
____ You deducted only those qualifying job hunting expenses that were incurred in looking for a new job in your present occupation.
____ You did not deduct job hunting expenses that were incurred in looking for a job in a new occupation.
____ Expenses incurred in establishing your business before the time your business began were capitalized rather than deducted in the year incurred.
____ Although there is no taxable gain, you reported the sale of your personal residence in the year it was sold. (See Form 2119.)
____ You did not deduct a loss from an activity not engaged in for profit (such as a hobby). Expenses for this type of activity are generally allowed up to the amount of income and are deducted as a miscellaneous deductions on Schedule A subject to the 2% adjusted gross income limit.
____ You did not deduct legal expenses that were for the purchase of property held for the production of income or used in a trade or business. These costs were capitalized by adding them to your basis in the asset.
____ You did not deduct personal expenses as business expenses.
____ You did not deduct for business purposes any part (including taxes) of the base rate for the first telephone line in your residence.
____ You did not deduct the cost of subscriptions to national magazines and newspapers that had little or no possibility of business use. Costs associated with these items are nondeductible personal expenses.
____ You did not deduct the cost of personal insurance such as life, auto, home liability.
© 1986, 1998 to 2002, Jack Warren Wade, Jr.
