Tax question (from an auditor). Bought my first house this year and super pumped to itemize. Any thoughts on deducting a % of cell phone bill - firm reimbursement under job expenses? And...

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You probably won’t be able to itemize anyways with the new standard deduction rates with the new tax bill. Sorry to burst your bubble

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Storm clouds are on the horizon for your optimism buddy... congrats on the house though!

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^😂👍🏼

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If you’re single, you may be able to itemize depending on where you live. And the people that don’t think so don’t know tax. Between property taxes, state and local taxes (usually an estimate based on your income), and mortgage interest, you should easily clear the $12k standard deduction (I own a condo in Dallas and hit that pretty easily). If you’re married, then I agree with the debbie downers above that you won’t be able to find itemized deductions that get you over $24k, unless you bought a mansion.

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Home office deduction is only available if you run some sort of business out of that office.

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Unreimbursed business expenses like you mention are deductible after 2% of your AGI. You may be able to itemize easier this year than in 2018 and beyond. You should consult your tax accountant

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2% AGI deductions are gone starting 1-1-2018 so not even worth continuing the discussion.

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Misc tools (mouse, docking station)? Also, percentage of internet? Just want to hear what my tax peeps have to say. Also, any other easy deductions I should consider?!

Already plugged in the numbers based on my 12/31 paycheck. Itemized is the way to go for me.

There are some limitations to doing this as an employee that you may want to consider. The IRS website clearly lays out what you can deduct and if you’re eligible so that may help answer your question above on the different things you can include in that.

This is aggressive, is it a rental investment? Or you just live there?

Home office deduction. Google it but it's a very narrow slice of taxpayers who can claim this.

Glad someone said it. Home office deduction is not available to employees. I at least remember that much from REG.

Enjoy owning a home. It’s definitely an adventure. Your goal should always be to able to use the standard deduction because that’s basically free money. If the standard is 12k and you pay 6k I’m qualified expenses, you saved 6k with no tax difference

It depends on your income level and the state taxes withheld which should be factored in your itemized deductions. Hence, claiming itemized deduction may be a viable option than the $12k standard deduction

@SA 1, it’s definitely viable. Just pointing out that itemizing isn’t something to aim for.

But for 2017 you probably (I hope) didn’t spend enough on a monitor/equipment to be above 2% AGI to deduct job expenses. You don’t get to deduct your cell phone as a job expense if your employer reimbursed you for it

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