New Tax Law Has LED TO The Loss Of Some Popular Tax Deductions 1

New Tax Law Has LED TO The Loss Of Some Popular Tax Deductions

This column discusses these lost deductions and how they may affect federal government employees as they prepare their 2018 federal tax returns. The first deduction discussed is the deduction for robbery and casualty loss. Until 2018, personal fraud and casualty deficits were deductible as part of one’s itemized deductions. What is a federally declared disaster? A federally declared disaster is a disaster that occurred within an area directed by the President to be eligible for federal assistance. A reduction to personal use property is deductible if the loss is because of fire, storm, shipwreck, or other casualty. A casualty is the damage, devastation or reduction caused by a sudden, unexpected, or uncommon identifiable event.

The casualty loss must be reduced by real insurance reimbursement and by any expected reimbursement. If the house is included in insurance, an insurance claim must be filed. The casualty reduction is not allowed Normally. The second deduction that’s not designed for tax years 2018 -2025 under the TCJA is miscellaneous itemized deductions exceeding 2 percent of one’s adjusted revenues.

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Before the passage of TCJA, miscellaneous itemized deductions exceeding 2 percent of one’s adjusted gross income were deductible on Schedule A as an itemized deduction. Union dues, professional fees and out-of-pocket worker business expenses. Before 2018, individuals could deduct moving expenditures in connection with a move only when the move was job-related, and a distance test and the right time test were met.

For example, a federal employee who transformed job locations where the jobs were more than 50 kilometers apart could potentially deduct certain moving expenses which were reimbursed by their new company. But under TCJA, these checks do not apply to moves made by users of the MILITARY on active duty due to a long term change of place.

Deductible moving expenditures include: (1) costs of moving household goods and personal effects; and (2) travel expenses, including lodging but not meals for just one trip by the individual and each person in the home. Household people don’t need to travel or at exactly the same time together. Form 3903 is filed to deduct qualified moving expenses more than any uniformed services reimbursements. Edward A. Zurndorfer is a Certified Financial Planner (CFP), Chartered Life Underwriter, Chartered Financial Consultant, Registered Health Enrolled and Underwriter Agent in Magic Springtime, MD.

Alex Chesterman: Remember him? In 2015 and 2016 he was on the ropes with Zoopla under strike from OnTheMarket’s agency founders (a conspiracy to drop the same portal? Oh no, never). This year his post-OTM plan of diversification – buying back-office property agency businesses and utility-focussed comparison services – paid handsomely when he sold ZPG to US private equity firm Silver Lake for £2.2 billion.

Now Chesterman is most likely richer even than Ian Springett will ever be. Funny old world, isn’t it? Anthony Codling: If you’re asking ‘who? ’ you haven’t been paying attention. Kate Faulkner: In a small but highly-motivated world of home analysts, This season stood out Faulkner has. She’s been massively productive – she runs her own consumer-focussed Propertychecklists and writes analyses for industry players like Belvoir, the NLA, the TDS Charitable Foundation and many more.