Ask Terry Questions itemized dedcutions for taxes in 2018 filing in 2019

itemized dedcutions for taxes in 2018 filing in 2019

By Terry Savage on August 05, 2018 | Taxes & Economy

the property taxes I am paying this year , do I get to claim the itemization in January 2019. Also items donated to good will are they allowed or not.

Terry Says

Here’s the thing about the new tax laws. You get a larger standard deduction — $12,000 for an individual and $24,000 for a married couple. And you can only deduct up to $10,000 in real estate taxes and state income taxes.
The law assumes that most Americans will automatically take the standard deduction, because it is larger than your total of deductions. Charities worry that if you aren’t itemizing your deductions, you will stop giving. That would be a shame.

So just go about your annual giving, keep receipts for things like Goodwill, and if you find out that your potential deductions are more than $12,000 (on an individual return) then you can itemize and get a tax benefit.



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