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nickflem2
New Member

Is it true that this year 2018 I can only get a maximum of $24,000 for deductions. Is there any other way I can find a loophole to get more deductions!?

 
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2 Replies

Is it true that this year 2018 I can only get a maximum of $24,000 for deductions. Is there any other way I can find a loophole to get more deductions!?

Do you have more deductions that that?  Yes if you have more itemized deductions than the Standard Deduction.

This year the Standard Deduction will be doubling so many people will be switching to the Standard Deduction.  And there is a max 10,000 limit of State, local, property, and sales tax (SALT) deduction.  And you can only deduct Medical/Dental that's over 7.5% of your AGI.  And W2 job expenses have been suspended.

FAQ on 2018 changes
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return">htt...>

DanaB
Expert Alumni

Is it true that this year 2018 I can only get a maximum of $24,000 for deductions. Is there any other way I can find a loophole to get more deductions!?

The Standard Deduction for married filing jointly is $24,000 but if you have enough to itemize to get over this amount then you can use the Itemized Deduction and possibly deduct more than $24,000.

Possible itemized deductions are:

  • Medical and dental costs above and beyond 7.5% of your AGI 
  • State, local, real estate, and personal property taxes (capped at $10,000)
  • Home mortgage interest
  • Charitable donations and gifts

Standard deductions for 2018 

  • Single - $12,000 add $1,600 if age 65 or older
  • Married Filing Separately - $12,000 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,000 add $1,600 if age 65 or older

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