Jan 15

Trying to put to rest some of the misconceptions of the Trump Tax Act

Reduction in Medical Expense Deduction Floor – Basically for 2017 and 2018, the itemized deduction for medical expenses for taxpayers over 65 before the close of the respective tax year stays at those expenses over 7.5% of AGI, instead of limiting to expenses that exceed 10% of AGI. For taxpayers younger than 65, the 10% limitation stays in effect.

Limit on Deductions for State and Local Taxes – For tax years beginning after 12/31/2017 and before 1/1/2026, the deduction for foreign real property taxes eliminated and the aggregate deduction for individual state and local real property taxes, state and local, and foreign, income, war profits, excess profits taxes, and general sales taxes is limited to $10,000.00 ($5,000.00 for MFS) for any tax year. This will only affect those that itemize deductions and have combined state and local (and foreign) taxes that exceed the threshold.
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Bonus Depreciation – The new tax law increases the bonus depreciation to 100% for qualified property that is both acquired and placed in service after September 27, 2017, and it establishes a new phase-down schedule for years after 2022.