The most common reason that people are getting the standard deduction instead of the itemized deduction with the same expenses are because of the tax law changes below:
- The $10,000 SALT Cap. Last year you could deduct mostly all of your state and local taxes and real estate taxes. This year the total limit is $10,000
- Elimination of the miscellaneous itemized expenses including employee business expenses and investment fees
- Elimination of the deduction for casualty and losses
- The new method of calculating deductible mortgage interest on a home equity loan or refinance
So even though you may enter an amount that is greater than $12,000, everything you entered may not have been deductible.
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