5 Tax Deductions You Can Still Claim in 2020
The 2017 Tax Cuts and Jobs Act eliminated a number of key tax deductions that once helped Americans save thousands. But thankfully, there are plenty of deductions still in play, and if you're currently in the process of putting together your 2019 return, here are a few expenses you can still write off.
The option to deduct your mortgage interest is still on the table, but the threshold you'll be subject to will depend on when you signed your home loan. If you signed your mortgage prior to Dec. 15, 2017, you can deduct the interest on a loan of up to $1 million. If you signed after that date, you can deduct interest on a loan of up to $750,000. And remember, it's the interest on your mortgage you're writing off, not your mortgage payments themselves.
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Source Fool.com