Go to Jeff Salisbury LWGate Home Page.From: "Gene Ricci" <genr@swbell.net>
Subject: Re: [CANSLIM] Deduction Subject to 2% Limit
Date: Tue, 22 Jul 2003 22:49:40 -0500
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Hong, if you don't have enough deductions to itemize, I doubt that =
deducting investment expenses in excess of 2% will make the =
difference....
*assuming your adjusted gross income is $50,000
*the 2% limit means that you must have expenses greater than 0.02 x $50k =
or $1,000
*if you subscriptions cost you $1100 per year, only $100 is =
deductible...
I doubt that partial mortgage/rent is deductible unless you are =
classified a trader.
Gene
----- Original Message -----=20
From: Hong Hsu=20
To: canslim@lists.xmission.com=20
Sent: Tuesday, July 22, 2003 10:10 PM
Subject: Re: [CANSLIM] Deduction Subject to 2% Limit
Gene and Mike,
I got a dumb question. Even you can put IBD subscription and=20
breakoutwatch.com online service fee into Schedule A as investor, is =
it=20
worth to give up Standard Deduction? For married filling jointly, the =
standard deduction is $7,850. Can you put partial of your mortgage =
or=20
rent onto Schedule A as investment expenses? If not, what is big=20
chunk of miscellaneous itemized deduction? =20
I have no intention to knowing your expenses. I am just curious is it =
worth to use Schedule A. I maybe wrong.
-Hong
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<DIV><FONT face=3D"Comic Sans MS">Hong, if you don't have enough =
deductions=20
to itemize, I doubt that deducting investment expenses in excess of =
2%=20
will make the difference....</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=3D"Comic Sans MS">*assuming your adjusted gross =
income is=20
$50,000</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS">*the 2% limit means that you must have =
expenses=20
greater than 0.02 x $50k or $1,000</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS">*if you subscriptions cost =
you $1100 per=20
year, only $100 is deductible...</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">I doubt that partial mortgage/rent is =
deductible=20
unless you are classified a trader.</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">Gene</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<BLOCKQUOTE=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dhonghsu@bellatlantic.net =
href=3D"mailto:honghsu@bellatlantic.net">Hong=20
Hsu</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Tuesday, July 22, 2003 =
10:10=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] =
Deduction Subject=20
to 2% Limit</DIV>
<DIV><BR></DIV> Gene and Mike,<BR><BR> I got a =
dumb=20
question. Even you can put IBD subscription and =
<BR>breakoutwatch.com=20
online service fee into Schedule A as investor, is it <BR>worth to =
give up=20
Standard Deduction? For married filling jointly, the =
<BR>standard=20
deduction is $7,850. Can you put partial of your mortgage =
or=20
<BR>rent onto Schedule A as investment expenses? If =
not, =20
what is big <BR>chunk of miscellaneous itemized deduction? =
<BR><BR>I=20
have no intention to knowing your expenses. I am just curious is =
it=20
<BR>worth to use Schedule A. I maybe=20
wrong.<BR>-Hong<BR><BR><BR><BR><BR>-<BR>-To subscribe/unsubscribe, =
email "<A=20
=
href=3D"mailto:majordomo@xmission.com">majordomo@xmission.com</A>"<BR>-In=
the=20
email body, write "subscribe canslim" or<BR>-"unsubscribe =
canslim". Do=20
not use quotes in your email.<BR></BLOCKQUOTE></BODY></HTML>
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