all the following are changes to the rules for itemized deductions except the amount of mortgage interest that may be deducted has been limited the deduction for.c employee business expenses has been eliminated State local taxes has a new $10,000 limit medical expenses have been eliminated
Ans) | All of the following are changes to the rules for itemized deductions except medical expenses have been eliminated. |
1) | The deduction for mortgage interest has been limited to deducting only the interest on the first $750000 of debt related to acquiring , building or substantially improving the primary residence . |
2) | Employee business expenses has been eliminated. |
3) | The state & local tax has a new 10000 limit. |
4) | Medical expenses deduction also has been changed but not eliminated |
Earlier taxpayer whose unreimbursed medical expenses exceeded 10% of their adjusted gross income could deduct that excess, but new provision changed the limit of 10% to 7.5%. |
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