That appraised value can be deducted against up to 30percentt of your adjusted gross income and carried over for five years.
But job expenses are considered a miscellaneous deduction, which means you can only deduct costs that exceed 2percentt of your adjusted gross income.
Keep in mind that you can only deduct the amount of your medical and dental expenses that is more than 7.5percentt of your adjusted gross income.
For example, unreimbursed medical and dental expenses are deductible only to the extent they exceed 7.5percentt of your adjusted gross income, so if you lower your adjusted gross income, some of your expenses may qualify.
Also, some of these items fall under the rule that you can only deduct them if they exceed 2percentt of your adjusted gross income.
Finally, if you itemize your tax return and your total medical expenses for the year exceed 7.5percentt of your adjusted gross income, you can write off certain expenses associated with celiac disease.
CLOUDY FINANCIAL PICTURE Generally, total debt payments, including the mortgage, cannot exceed 45 to 50 percent of your adjusted gross monthly income.
A few other changes: For now, you can generally take a tax deduction only for unreimbursed medical expenses that exceed 7.5 percent of your adjusted gross income.
In other words, reaching 7.5 percent of your adjusted gross income for medical expenses is a lot harder at $500,000 than at $100,000.
DISASTER AREAS -- If you live in a federal disaster area, like Seattle, which was hit by an earthquake, you may claim a deduction for unreimbursed losses exceeding 10percentt of your adjusted gross income plus $100.
