Personal Expenses

While most business expenses are deductible, most personal expenses are not. However, the tax code does provide that a small number of personal expenses are deductible.  Most of these fall under the category known as itemized deductions and are only available to taxpayers who choose to take itemized deductions rather than the standard deduction. In many cases, there are limitations on the amount of the deduction for certain taxpayers.

Personal expenses that may be deductible, in whole or in part, include

Last reviewed: September 22, 2013