If you currently own a home and have a home equity loan, you can no longer deduct interest paid on that loan. There is an exception however – you can continue to deduct the interest IF you are using the proceeds to buy, build, or improve your current home substantially.
While going to the dentist is NOT FUN – did you know that you can deduct the part of your medical and dental expenses that’s more than 7.5% of your gross income? Well, according to the adjusted law and the IRS themselves, you can.
If you are single (or married but filing singly) – the total deduction limit of state and local income, sales, and property taxes combined is $5,000. For married couples, the total limit is $10,000.
Any deductions for job-related expenses or other misc. itemized deductions that exceed 2% of gross income has been suspended by the new law. (This ALSO includes unreimbursed employees expenses, such as deduction for business-related meals and entertainment.)
And that’s your latin lesson for the day, folks!
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