Expenses paid to produce or collect income that must be included in your gross income or to manage, conserve, or maintain property held for production of such income are deductible if they are reasonable and closely-related to these purposes. Examples of such expenses are: appraisal fees
for casualty and theft losses or charitable deductions, depreciation on home computers used for investments, and legal fees for advice related to taxes or the production or collection of taxable income. For more information see IRS Publication 529 at www.irs.gov
Various expenses fall in the category of miscellaneous deductions. Job-hunting, job travel, union dues, tax preparation, and safety deposit box fees are all examples of miscellaneous deductions. If you itemize, you can deduct the amount of miscellaneous expenses that exceed 2% of
your adjusted gross income.