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- All miscellaneous itemized deductions subject to the 2% floor is repealed for tax years 2018 through 2025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
Detailed Analysis of Various Itemized Deduction Changes
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