It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act style.
If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter.Under the TCJA, the medical expense deduction remains in place, but there’s a catch: the 7.5% floor is back in place for the tax years 2017 and 2018. We call it the"floor" because you can only deduct expenses over 7.5% of your adjusted gross income .
That means that fewer of your medical expenses are deductible. Using the same facts as before, you could claim $1,000 as a deduction, or $5,000 in expenses less the floor . on your federal form 1040. The deduction worksheet is easy to find since it's at the very top of the schedule:Medical expenses are only tax deductible as a treatment for a diagnosed disease or condition and must be specifically ordered by your doctor .
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