Posts Tagged ‘Schedule A deductions’

With passage of the American Taxpayer Relief Act of 2012 (the fiscal cliff bill), the residential real estate industry dodged a bullet. While Schedule A deductions are phased out for couples with incomes above $300,000, the phaseout is mild. A couple with $500,000 of income would be $200,000 over the $300,000 limit. Thus, their deductions…