Tax reform Q&A Thread 3 - Itemized and business deductions

[Michael Plaks]

Colleagues and friends,

The original GOP reform thread started by @Brandon Hall is well over 200 posts by now. This is one of the follow-up threads specifically for discussion of personal itemized (Schedule A) deductions and general business (Schedules C/E) deductions. PLEASE POST OTHER QUESTIONS IN THE OTHER TAX REFORM THREADS.

There are dedicated threads for the new 20% pass-through deduction and for depreciation. Section 179.

Here is a start.

1. Personal itemized deductions changed dramatically.

Here is a very good and illustrated explanation of the Schedule A changes from Forbes.

2. Business and real estate investment deductions are NOT affected. You can still deduct 100% of mortgage interest and property taxes on all your investment properties.

There're lots of questions left, and nobody has all the answers. We all expect more rules from the IRS that will change the game. Meanwhile - let's debate it here. As long as it's on topic, please. There are other threads for other tax reform topics.