Only those expenses that exceed 10% of AGI are deductible. Used to be 7.5% before Obamacare.How Many Got Screwed by the New Tax Laws?
Ourselves and two friends all owe. We will be itemizing medical expenses and hope to break even.
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Whether or not one got a refund is not the right question. Was your tax paid lower or higher?
My brother and his wife will pay more. They live in a high tax town in high tax MA, in a high value home. So they will limit out on SALT and the mortgage interest deduction. Their combined income is pretty high (my brother's has to be publicly reported). You'd never know it from the cars in the driveway because they are practical. Hondas an a Nissan Frontier Pickup. Their one extravagance is the wine cellar.