2007 and 2008 Itemized Deduction Limits

Limit on itemized deductions increases

Your deductions are capped once your income exceeds specified levels.

If your adjusted gross income is above a certain amount, you may lose part of your itemized deductions.

In 2007, this amount has been increased to $156,400 for married couples or single taxpayers. The threshold is $78,200 for a married spouse filing separately. That's up from $150,500 and $75,250 in 2006.

In 2008, these amounts will rise to $159,950 and $79,975, respectively.

See Publication 505 for more information on figuring the amount you can deduct.

Published Dec. 6, 2007

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