Due to the Tax Cuts and Jobs Act (TCJA), many itemized deductions have been limited or suspended.
Under the new tax reform laws, the rules for some itemized deductions changed in 2018, while others were suspended
- State, local, property, and sales tax (SALT) deduction has been capped at $10,000.
- Mortgage interest and home equity loans – changed
- Donations – changed
- Miscellaneous deductions subject to the 2% limit – suspended
- Personal casualty and theft losses – suspended (with exceptions).
Please see the following: