Allowed itemized deductions for 2018
The Tax Cut and Jobs Act (TCJA) changed materially the 1040 itemized deductions for 2018 in the following manner:
Deduction for personal casualty and theft losses suspended (unless incurred in federally-declared disaster area)
Limitations to the deduction for state and local taxes
Limitations to the deduction for home mortgage interest in certain cases
Eliminating most miscellaneous itemized deductions such as:
Deductions for employee business expenses
Tax preparation fees
Investment expenses, including investment management fees
Employment related educational expenses
Job search expenses
Hobby losses
Safe deposit box fees
Investment expenses from pass-through entities
Eliminated the limitation on itemized deductions for certain high-income taxpayers.
Further details on the allowed itemized deductions for 2018 can be found on IRS.gov at: https://www.irs.gov/newsroom/individuals
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