Personal Tax Deduction - Professional Subscriptions



Before I retired, "Office In Home" was a legitimate deduction for me.
Part of those deductions included "professional subscriptions" into
which I threw the WSJ, local paper, and a number of business
magazines. Now that the business mags are gone, the WSJ and local
paper still flow to that category in my Quicken software and show up
as a Schedule A Misc Itemized Deduction under "Employee Business Exp,
Professional Subscriptions subject to the 2% limit. It isn't much of a
factor but I'm a tad concerned it's showing up on a form labeled
"Employee Business Expense" when I'm retired.

My justification for the deduction is I manage my own investments.

Q1) Still legit?
Q2) If I've got this flowing to the wrong place... where should it go?



Paul Thomas, CPA

Rocinante said:
Since it is an investment activity that you engage in for profit as
to a business expense, the deduction is legitimate and is flowing to the
right place in Schedule A, but you should change the classification to
"Investment Exp, Professional Subscriptions" or whatever is similar in
Quicken to keep it off the "Employee Business Expense" form.

I hope you know enough about the tax return, meaning what it should end up
looking like, instead of relying on the flow from accounting software
directly to the form. "Quicken put it there." isn't an excuse for a wrong
entry to the return.

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