How Did the Pease Limitation Work and Why Was It Repealed? The TCJA has suspended the “Pease limitation” on itemized deductions through tax year 2025. The Pease limitation is an overall limitation on itemized deductions, sometimes called the 3%/80% rule. The Pease limitation reduced the total amount of allowable itemized deductions (after other limits were applied) by 3% of the amount the taxpayer’s AGI exceeded a certain threshold amount; however, the overall limitation did not reduce itemized deductions by more than 80%. The suspension of the overall itemized deduction limitation is scheduled for tax years through 2025. When the other advisors stop. We start. @stephensbrostaxservice #StephensBrosTaxService #PeaseLimitation #DonaldPease #TaxCut #ItemizedDeduction #TrickyTax #WealthiestTaxpayers #Congressman #Businessman #BusinessWoman #NewJersey #Elizabeth #Newark #Linden #Threshold #TaxProfessional #Advisor #MedicalExpenses #InvestmentExpense #HomeMortgageInterest #StateandLocalTaxes #CharitableContributions #AGI #GrossIncome #TaxSavings https://www.instagram.com/p/Bp-DE_6nyek/?utm_source=ig_tumblr_share&igshid=rubfknnmj5wo
