Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 Page 64
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76Line 17—Enter artistic charitable contributions. A deduction
For more details, see federal Publication 547, Nonbusiness
is allowed for “qualified artistic charitable contributions” of
Disasters, Casualties, and Thefts. It also gives information
any literary, musical, artistic or scholarly composition, letter
about federal disaster area losses.
or memorandum, or similar property.
Lines 23 through 28—Miscellaneous Deductions
An amount equal to the fair market value of the property on
Most miscellaneous deductions cannot be deducted in full.
the date contributed is allowable as a deduction. However, the
You must subtract 2 percent of your adjusted gross income
deduction is limited to the amount of the taxpayer’s artistic
from the total. Compute the 2 percent limit on Line 27.
adjusted gross income for the taxable year.
Generally, the 2 percent limit applies to job-related expenses
you paid for which you were not reimbursed (Line 23). The
The following requirements for a deduction must be met:
limit also applies to certain expenses you paid to produce
(a) The property must have been created by the personal
or collect taxable income (Line 25). See the instructions for
efforts of the taxpayer at least one year prior to the
Lines 23 and 25 for examples of expenses to claim on these
date contributed. The creation of this property cannot
lines.
be related to the performance of duties while an officer
The 2 percent limit does not apply to certain oth-
or employee of the United States, any state or political
er miscellaneous expenses that you may deduct. These
subdivision thereof.
expenses can be deducted in full on Line 29. The Line 29
(b) A written appraisal of the fair market value of the
instructions describe these expenses. Included are deductible
contributed property must be made by a qualified
gambling losses (to the extent of winnings) and certain job
independent appraiser within one year of the date of the
expenses of disabled employees. See federal Publication 529,
contribution. A copy of the appraisal must be attached
Miscellaneous Deductions, for more information.
to the tax return.
Expenses You MAY NOT Deduct
(c) The contribution must be made to a qualified organiza-
tion as described in this section.
Political contributions.
Personal legal expenses.
Line 18—Enter any carryover of contributions that you were
Lost or misplaced cash or property (but see casualty and
not able to deduct in an earlier year because they exceeded
theft losses).
your adjusted gross income limit. See federal Publication 526
for details on how to figure your carryover.
Expenses for meals during regular or extra work hours.
The cost of entertaining friends.
Lines 20 through 22—Casualty and Theft Losses
Expenses of going to or from your regular workplace.
Line 20—Enter casualty or theft losses of property that is
Education needed to meet minimum requirements for
not trade, business, rent or royalty property. Attach federal
your job or that will qualify you for a new occupation.
Form 4684, Casualties and Thefts, or a similar statement to
Travel expenses for employment away from home if that
figure your loss.
period of employment exceeds one year.
Losses You MAY Deduct
Expenses of:
(a) Travel as a form of education.
You may be able to deduct all or part of each loss caused by
theft, vandalism, fire, storm, and car, boat and other accidents
(b) Attending a seminar, convention or similar meeting
or similar causes. You may also be able to deduct money you
unless it is related to your employment.
had in a financial institution but lost because of the insolvency
(c) Adopting a child, including a child with special
or bankruptcy of the institution.
needs.
Fines and penalties.
You may deduct nonbusiness casualty or theft losses only
Expenses of producing tax-exempt income.
to the extent that:
Amounts paid to organizations or establishments which
(a) the amount of each separate casualty or theft loss is more
have been found to practice discrimination.
than $100, and
(b) the total amount of all losses during the year is more
Expenses Subject to the 2 Percent Limit
than 10 percent of Line 9, Form 740.
Important: The increase in first-year luxury automobile
Special rules apply if you had both gains and losses from
depreciation caps, the 30 percent and the 50 percent special
nonbusiness casualties or thefts. See federal Form 4684 for
depreciation allowance, the additional New York Liberty
details.
Zone Section 179 deduction for property placed in service
Losses You MAY NOT Deduct
after September 10, 2001, and the increased Section 179
deduction limits and thresholds for property placed in service
Money or property misplaced or lost.
after December 31, 2002, are not allowable for Kentucky
Breakage of china, glassware, furniture and similar items
tax purposes. For passenger automobiles purchased
under normal conditions.
after September 10, 2001, you must compute Kentucky
Progressive damage to property (buildings, clothes,
depreciation in accordance with the IRC in effect on December
trees, etc.) caused by termites, moths, other insects or
31, 2001. Create a Kentucky Form 2106 by entering Kentucky
disease.
at the top center of a federal Form 2106, Employee Business
Deduct the costs of proving you had a property loss as a
Expenses. Complete Section D—Depreciation of Vehicles
miscellaneous deduction on Line 25, Schedule A. (Examples
in accordance with the IRC in effect on December 31, 2001.
of these costs are appraisal fees and photographs used to
Attach a copy of the federal Form 2106 filed for federal income
establish the amount of your loss.)
tax purposes if no adjustments are required.
26
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