Itemized Deductions

Denise Hue

2% Itemized Deductions Suspended (2019 Update)

From 2018 through 2025, all miscellaneous itemized deductions that were subject to the 2% floor are now suspended. In addition, an...

Denise Hue

Casualty Loss - Itemized Deductions (2019 Update)

Under the Tax Cuts and Jobs Act (TCJA), losses for individuals are now only deductible to the extent they are attributable to a federally...

Denise Hue

Charitable Contributions – Tips for Preserving Your Deduction

Choosing the right organization is important. For your donation to be deductible, it must go to a nonprofit group that is approved by the...

Denise Hue

Interest Expense - Standard Deductions (2019 Update)

Mortgage Interest You generally may deduct interest on home acquisition debt that is secured by a first or second home. This includes...

Denise Hue

State and Local Taxes - Itemized Deductions (2019 Update)

Your deduction of state and local income, sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if...

Denise Hue

Itemized Deductions - Medical Expenses (2019 Update)

This is a tax break that can be hard to benefit from. Only medical expenses beyond 7.5% of your adjusted gross income (AGI) is deductible...