Changes to the itemized deductions for 2018.
The new tax law suspended the deduction for personal casualty and theft losses. Personal casualty and theft losses are now deductible only to the extent they’re attributable to a Federally declared disaster. The claims have to include the FEMA code that was assigned to the disaster as well.
Changes to the new tax law.
Beginning 2018, the new tax law eliminated the deductions for job related expenses and other miscellaneous itemized deductions, so this is going to include things like tax preparation fees, investment expenses, uniforms, union dues. Unreimbursed employee expenses like vehicle expenses, meals, entertainment and travel. Those have all been eliminated.
Employee business expense deductions are now limited to Armed Forces reservists, employees with impairment related work expenses, qualified performing artists and fee-basis State or local government officials.
Alesha Tardieff, DANETTE ONEAL REALTORS, Inc.