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Form 1040 - Deductions From Adjusted Gross Income   Updated

CATEGORY: Taxation
COURSE ID: CPT4DI, VERSION 4.00
(83)
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2 CPE Credits

It is important to remember the basic principle of all deductions: deductions are not allowed unless specifically authorized by law. Further, no deduction is allowed for personal, living, or family expenses (including medical expenses) unless specifically authorized. [IRC Sec. 262(a)] It is important to determine whether a deduction is taken for adjusted gross income or from adjusted gross income. This course focuses on the latter, the below-the-line deductions. This course is updated to reflect legislative changes included in the Tax Cuts and Jobs Act (TCJA) signed into law by the President on December 22, 2017.

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