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Option a. gambling losses up to the amount of gambling winnings. This is the correct option of the given statement. So option 'a' is allowed as a miscellaneous itemized deduction.
What are considered "miscellaneous deductions"?
Generally speaking, miscellaneous expenses include things like clothing, a computer, equipment, a work attire, and footwear for the workplace. The IRS defines a write-off as "miscellaneous expenses" if it doesn't fall within one of their tax categories. These costs can be deducted from a small business owner's taxable income.
Are miscellaneous deductions permitted?
For Tax Years 2018 through 2025, there is no longer a cap on any other deductions at 2% of your AGI. Despite the fact that miscellaneous deductions are no longer permitted for 2022 (and 2018–2021) Returns, we will continue to use this information for Tax Returns from 2017 and earlier, as well as Tax Returns from 2026 and after.
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