731 / What itemized deductions may be taken by an individual taxpayer?

Editor’s Note: The 2017 tax reform legislation suspended many itemized deductions for tax years beginning after 2017. Among those suspended were deductions for casualty and theft losses (exceptions exist for losses occurring in a federally declared disaster area), moving expenses (with an exception for members of the armed forces), expenses related to tax preparation, and expenses relating to the trade or business of being an employee (i.e., all miscellaneous itemized deductions subject to the 2 percent of AGI floor, which were suspended for 2018-2025). The deduction for state and local taxes was capped at $10,000 (see below) and the mortgage interest deduction was limited to $750,000 (see Q ). This suspension and limitations will apply for tax years beginning after December 31, 2017 and before December 31, 2025.

Itemized deductions are subtracted from adjusted gross income in arriving at taxable income; they may be claimed in addition to deductions for adjusted gross income (see Q 715). Itemized deductions are also referred to as “below-the-line” deductions.

Among the itemized deductions taxpayers may be able to claim are the following:

…Interest, within limits (see Q 734 to Q ; Q to Q 8045).