Itemized deduction is much lower than last year. i also had a -13k for "states and local taxes greater than 10000.

i don't understand why -13k is taken away from my deduction. i already lost 16k for personal exemptions and didn't gain any other deductions that can help me. please advice.

posted

That's the new tax reform law - it took away many itemized deductions, exemptions and limited state tax deductions to 10,000. however the standard deduction allowed was doubled.

The $10k limit applies to State/Local/Sales/Property taxes combined. There are also new limits on Mortgage interest.

I remember in the past being able to connect my bank account and then seeing line items and being able to check/select if it was a business expense and then categorize it

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Itemized deduction is much lower than last year. i also had a -13k for "states and local taxes greater than 10000.

Itemized deduction is much lower than last year. i also had a -13k for "states and local taxes greater than 10000.

Itemized deduction is much lower than last year. i also had a -13k for "states and local taxes greater than 10000.

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Itemized deduction is much lower than last year. i also had a -13k for "states and local taxes greater than 10000.

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Itemized deduction is much lower than last year. i also had a -13k for "states and local taxes greater than 10000.

Itemized deduction is much lower than last year. i also had a -13k for "states and local taxes greater than 10000.

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