Plain Language of Change:
- All miscellaneous itemized deductions subject to the 2% floor is repealed for tax years 2018 through 2025
- For tax years 2018 through 2025, to the extent there are gambling winnings, gambling losses include actuals costs incurred to gamble (i.e. travel)
- The overall limitation on itemized deductions is suspended for tax years 2018 through 2025
Cordasco & Company PC is a boutique CPA firm specializing in federal and state tax issues. We provide customized tax and accounting services specifically designed to help our clients capitalize on the rapidly changing tax and accounting environments.