Production of Income Expense

About Production of Income Expense:

all ordinary and necessary business expenses incurred for the production or collection of income, for the management, conservation, or maintenance of property held for the production of income, or in connection with the determination, collection, or refund of any tax. Except for expenses of producing rent and royalty income, these Former IRC (check if this IRC provision is current here) §212 expenses are deductible but subject to the 2% miscellaneous itemized deductions floor for individual taxpayers.