{"id":2998,"date":"2019-03-22T05:32:08","date_gmt":"2019-03-22T10:32:08","guid":{"rendered":"https:\/\/cookco.us\/news\/?p=2998"},"modified":"2019-03-21T11:33:08","modified_gmt":"2019-03-21T16:33:08","slug":"tax-reform-brought-significant-changes-to-itemized-deductions","status":"publish","type":"post","link":"https:\/\/cookco.us\/news\/tax-reform-brought-significant-changes-to-itemized-deductions\/","title":{"rendered":"Tax reform brought significant changes to itemized deductions"},"content":{"rendered":"\n

Tax law changes in the Tax Cuts and Jobs Act<\/a> affect almost everyone who itemized\ndeductions on tax returns they filed in previous years..  One of these\nchanges is that TCJA nearly doubled the standard deduction for most taxpayers.\nThis means that many individuals may find it more beneficial to take the\nstandard deduction. However, taxpayers may still consider itemizing if their\ntotal deductions exceed the standard deduction amounts<\/a>.<\/p>\n\n\n\n

Here are some highlights taxpayers need to know if they plan to itemize\ndeductions:<\/p>\n\n\n\n

Medical and dental\nexpenses<\/strong>
\nTaxpayers can deduct the part of their medical and dental expenses that\u2019s more\nthan 7.5 percent of their adjusted gross income.<\/p>\n\n\n\n

State and local taxes<\/strong>
\nThe law limits the deduction of state and local income, sales, and property\ntaxes to a combined, total deduction of $10,000. The amount is $5,000 for\nmarried taxpayers filing separate returns. Taxpayers cannot deduct any state\nand local taxes paid above this amount.<\/p>\n\n\n\n

Miscellaneous\ndeductions<\/strong>
\nThe new law suspends the deduction for job-related expenses or other\nmiscellaneous itemized deductions that exceed 2 percent of adjusted gross\nincome. This includes unreimbursed employee expenses such as uniforms, union\ndues and the deduction for business-related meals, entertainment and travel.<\/p>\n\n\n\n

Home equity loan interest<\/strong>
Taxpayers can no longer deduct interest paid on most home equity loans unless they used the loan proceeds to buy, build or substantially improve their main home or second home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tax law changes in the Tax Cuts and Jobs Act affect almost everyone who itemized deductions on tax returns they filed in previous years..  One of these changes is that TCJA nearly doubled the standard deduction for most taxpayers. This means that many individuals may find it more beneficial to take the standard deduction. However, […]<\/p>\n","protected":false},"author":1,"featured_media":2331,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2019-03-22T10:34:06Z","apple_news_api_id":"f308f602-9190-4e83-87aa-5b584c6f6c05","apple_news_api_modified_at":"2019-03-22T10:34:07Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/A8wj2ApGQToOHqltYTG9sBQ","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/news-api.apple.com\/sections\/74d71b26-dfe2-3cf6-9b79-55911f8259f1"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-2998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/2998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/comments?post=2998"}],"version-history":[{"count":0,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/2998\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media\/2331"}],"wp:attachment":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media?parent=2998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/categories?post=2998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/tags?post=2998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}