The Tax Cuts and Jobs Act of 2017 eliminated some beneficial deductions and credits. It was the largest tax overhaul in 30 years, the law could be a mixed bag for many.
Some filers will see a significant tax break, while others may see their refunds shrink.
Here are 12 tax deductions that disappeared this year:
- The standard $6,350 deduction.
- Personal exemptions.
- Unlimited state and local tax deductions.
- A $1 million mortgage interest deduction.
- An unrestricted deduction for home equity loan interest.
- Deductions for unreimbursed employee expenses.
- Miscellaneous itemized deductions.
- A deduction for moving expenses.
- Unrestricted casualty loss deduction.
- Alimony deduction.
- Deductions for certain school donations.
- Deductions from tax extenders.