03-24-2006, 05:43 AM
You are current resident or was resident within 2~3 years.
Here is information
YES: You can deduct certain expenses you have in looking for a new job in your PRESENT occupation, even if you do not get a new job.
NO: You CANNOT deduct these expenses if:
1. You are looking for a job in a NEW occupation
2. There was a SUBSTANTIAL BREAK between the ending of your last job and your looking for a new one
3. You are looking for a job for the FIRST time
The following are allowable job search deductible expenses, summarized from IRS Publication 529:
http://clk.about.com/?zi=1/XJ&sdn=jobsearch&zu=http%3A%2F%2Fwww.irs.gov%2Fpublications%2Fp529%2Findex.html
If you are brave enough, you can claim deduction with your won risk of audit.
My wife spent several thousand dollars, but I didn™t claim tax exemption according to my conscience.
If you don't have mortgage deduction, probably standard deduction (single $5000, married $10,000) is higher than itemized deduction. Also this job search is 2% limit deduction. Your deduction is effective on the excessive amount of 2% of your total income.
Here is information
YES: You can deduct certain expenses you have in looking for a new job in your PRESENT occupation, even if you do not get a new job.
NO: You CANNOT deduct these expenses if:
1. You are looking for a job in a NEW occupation
2. There was a SUBSTANTIAL BREAK between the ending of your last job and your looking for a new one
3. You are looking for a job for the FIRST time
The following are allowable job search deductible expenses, summarized from IRS Publication 529:
http://clk.about.com/?zi=1/XJ&sdn=jobsearch&zu=http%3A%2F%2Fwww.irs.gov%2Fpublications%2Fp529%2Findex.html
If you are brave enough, you can claim deduction with your won risk of audit.
My wife spent several thousand dollars, but I didn™t claim tax exemption according to my conscience.
If you don't have mortgage deduction, probably standard deduction (single $5000, married $10,000) is higher than itemized deduction. Also this job search is 2% limit deduction. Your deduction is effective on the excessive amount of 2% of your total income.