MAJOR CHANGES TO ITEMIZED DEDUCTIONS


There is a lower debt limit and home equity interest for mortgage interest. Purchase of athletic tickets will not be included in deductions for charitable contributions. State, local, real estate, and sales taxes will have a $10,000 limit. Miscellaneous itemized deductions have been repealed (such as unreimbursed employee expenses, investment fees, etc.) Contact our office so we can help determine your itemized deduction and necessary recordkeeping responsibilities. (AICPA)