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FINANCIAL STRATEGIES

Your Itemized Deductions Will Change for 2018

Robert Weide, CPA

January 2, 2018

With much of the focus on the new tax rates contained in the new tax bill for 2018, it is easy to forget that some big changes have been made to the allowable itemized deductions (Schedule A). The bill increases the standard deduction and removes the deduction for personal exemptions. This combined change will mean that many more filers will not itemize their deductions. 

For those who do still itemize, there will be more limitations on those deductions. There have been changes to the amount of state and local income and property taxes that can be deducted (a maximum of $10,000 for all taxes), changes to the calculation for deductible mortgage interest, and the removal of all 2% deductions (which include broker/professional fees, unreimbursed employee deductions (form 2106), safe deposit box fees, and other expenses). 

 

 

   

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