Phase-Out of Itemized Deductions Eliminated

The new law eliminates the overall limitation on itemized deductions for ALL taxpayers. Beginning in tax year 2006, the phase-out on itemized deductions will be reduced by 1/3 (33%) and for tax years 2008 and 2009, an additional reduction of 1/3 (33%) will take effect. In tax year 2010, the phase-out will be completely eliminated.

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