Section 212

E a deduction under section 212 is subject to the restrictions and limitations in part ix section 261 and following subchapter b chapter 1 of the code relating to items not deductible.

Section 212. Before tcja internal revenue code section 212 allowed individuals to deduct expenses incurred in the production of income including fees paid for investment advice. The two year home residency requirement some j 1 exchange visitors including j 1 students and j 1 scholars may be subject to section 212 e of the immigration and nationality act also referred to as the two year home residency requirement or two year home country physical presence requirement. In the case of an individual there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year 1 for the production or collection of income.

In applying section 212 a 9 b of the immigration and nationality act as inserted by paragraph 1 no period before the title iii a effective date shall be included in a period of unlawful presence in the united states. 212 provides a deduction for u s. Taxpayers are allowed to deduct all the ordinary and necessary expenses paid or incurred during the taxable year 1 for the production or collection of income.