What can I itemize (deduct) from my income tax?
I know I can deduct the interest I paid on my mortgage but can I deduct home improvement expenses? Also, is the deduction cut-off still $10,000? I mean, we tried to deduct things before but our tax guy told us that unless we had $10,000 in deductions, we couldn’t deduct anything. Is this still the case? We have done alot of projects to the house this year and if you include the mortgage interest, we have about $12,500 in deductions. Can I itemize this year? Any tax gurus please advise. Thanx!