Sentence examples for deduction is capped from inspiring English sources

(Currently, the amount of mortgage debt eligible for the interest rate deduction is capped at $1 million).

Under the new option, taxpayers can fill out a simpler form, but the deduction is capped at $1,500 per year, based on $5 per square foot for as much as 300 square feet.

But many of them already lose important tax preferences because the mortgage-interest deduction is capped for homes worth more than $1 million under current law and the alternative minimum tax already takes away the deduction for state and local taxes for those in high-tax states like New York.

The student loan interest deduction is capped at $2,500.

But the deduction is capped at $4,000 for an individual whose AGI doesn't exceed $65,000 $130,0000 for joint filers) or $2,000 for individuals whose AGI doesn't exceed $80,000 $160,0000 for joint filers).

For the wealthy, philanthropy experts stress the tax advantages of donor-advised funds over private charitable foundations, in which deductions are capped at a lower rate.

BUSINESS DAY An article on Tuesday about a possible tightening of the mortgage interest deduction as part of a tax overhaul misstated the tax savings on a $20,000 interest deduction if the tax rate applied to deductions were capped at 28 percent.

Starting this year, mortgage interest deductions are capped at $750,000, down from $1 million under the previous tax code.

(The federal deduction for charitable donations is capped at 50 percent of a person's income, though it can be carried forward for five years).

Today the total deduction for all of these taxes is capped at $10,000.

The Home mortgage interest deduction would be capped at new mortgages of $500,000 or less, down from $1 million.