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Interest
- Home Mortgage Interest ONLY IF USED TO ACQUIRE OR IMPROVE PROPERTY AS OF 1/1/2018
- Home Equity Loan Interest ONLY IF USED TO ACQUIRE OR IMPROVE PROPERTY AS OF 1/1/2018
- Some Mortgage Refinance Expenses ONLY IF USED TO ACQUIRE OR IMPROVE PROPERTY AS OF 1/1/2018
- Some Investment Interest Expenses
- Credit Card, Auto Loan, IRS and State Tax Interest are not deductible. New as of 1/1/18, interest paid on loans where fund were used to buy vehicles, pay for education, or anything other than buy or improve your property are no longer deductible, even if they are mortgage, home equity, or lines of credit against your property.
-ALSO NEW FOR 2018 AND FORWARD: Interest on mortgage loans are only deductible for principals up to $750,000. If you have loans above that amount, the interest will be prorated for deductibility.
Taxes
- State/Local Income Taxes
- Real Estate Taxes
- Personal Property Taxes (part of registration fees for motor homes, campers and travel trailers)
- Sales Tax ... Did you purchase a vehicle this year?
- STATE AND LOCAL TAXES PAID (BOTH INCOME AND PROPERTY TOTALLED) ARE LIMITED TO A DEDUCTION OF $10,000 FOR 2018 AND FORWARD
Medical Expenses Paid by You (only a portion will be deductible)
- Doctor/Dentist Fees and Co-pays, includes chiropractic, acupuncture, naturopath, nurse practitioner, etc.
- Hospital Fees
- Prescription Drugs
- Insurance Premiums, including long-term care insurance
- Lab/X-ray/other medical tests
- Glasses, Contact Lens, Hearing Aids, Dentures, Medical Equipment, Nursing equipment and supplies for breastfeeding mothers (such as breast pumps, breast pads, etc.), some medical comfort items required for patient care
- Nursing & Convalescent Home and Home Health Care payments when medically necessary
- Certain tuition costs for children with medically-diagnosed disabilities when the main reason is to overcome the disability.
- Mileage to and from medical appointments also parking and tolls.
Some Casualty and Theft Losses
- A portion of the loss not compensated by insurance may be deductible
- Stock losses are not a theft loss even if corporate officers are convicted of wrong-doing.
Charitable Contributions
- Cash and non-cash donations to legitimate, certified organizations; receipts are required for all donations
- Non-cash may include clothing, household items, merchandise purchased for donation. The donor must assign a reasonable value to the contribution. Ask for a receipt from the receiving organization. Some high-value items, such as cars, antiques, paintings, jewelry, etc., may require an outside appraisal.
- Mileage to and from volunteer activities
- Unreimbursed volunteer expenses
- No deduction for time spent volunteering. No deduction for parochial school tuition.
Miscellaneous Expenses (only a portion will be deductible)
- Gambling Losses to the extent of Gambling Winnings (must be claimed as income)
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205 N Haddon Ave, Haddonfield, NJ 08033
Phone: 856.656.0508 Fax: 856.219.2013 jaimee@hammertaxes.com Secure Client Portal |
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