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Oh Where Oh Where Did My Deductions Go?

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The Tax Cuts and Jobs Act gave breaks to many, but those that itemized deductions will be surprised to find out that a lot of things they have been used to deducting are no longer allowed in 2018 and that might result in a tax sticker shock when their returns are prepared.

Here are a few of the gone but not forgotten:

  • Moving expenses – this used to be able to be deducted even if you did not itemize.
  • Personal exemptions – in the past you could deduct $4,050 per family member.
  • Home equity loan interest – this is not longer allowed for new home equity loans and the total amount of home debt now cannot exceed $750,000.
  • Casualty and theft losses – this is now limited to property damaged in disaster areas declared by the President.
  • Charitable contributions – this has been tightened to eliminate the value of athletic tickets received for your donation, In the past this was not required.
  •  Job expenses – unreimbursed work expenses are no longer allowed.
  • Tax preparation fees –  these have been eliminated as well as tax software and preparation subscriptions and books.
  • Investment advisory fees – many taxpayers who were previously able to deduct these as well as IRA fees and investment books and subscriptions are no longer able to deduct these costs.

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