Author: Eliana Block
Published: 4:02 PM EST March 4, 2019
Updated: 11:56 PM EST March 4, 2019
WASHINGTON — QUESTION:
A Facebook meme claims you can no longer itemize student loan interest, property tax, medical expenses, charitable donations or work from home expenses from your 2018 taxes. Is that true?ANSWER:
No, you can still itemize all of them except for home office expenses. Self-employed individuals still can.SOURCES:
When it comes to doing your taxes, advice gleaned off Facebook memes should not be your primary source of information.
Sadly, this latest batch of ‘crazy things you read on the internet’ has been shared more than 18,000 times, and continues to circulate.
A meme featuring former House Speaker Paul Ryan reads: "Here are some things you won't be able to deduct on taxes this year, student loan interest, medical expenses, property taxes, and any home office expenses not paid by my company. Also, the threshold for charitable donations has increased so you can forget recouping the donations to Wounded Warriors, Habitat for Humanity, and PBS. However, If you own a private plane or jet you can deduct the maintenance of the aircraft."
It's racking up thousands of shares, but is it true?
According to the Internal Revenue Service, no.
If you itemize, you can claim up to $2,500 for student loan interest paid off in 2018. It was the same last year, that hasn't changed.
For medical can dental expenses, those are deductible if they are greater than 7.5 percent of your adjusted gross income. Last year, expenses had to exceed 10 percent. Property tax is also still deductible, up to $10,000.
The meme claims that charitable donations are no longer deductible. That's not true. The IRS says you can deduct more charity, up to 60 percent of your adjusted gross income, up from 50 percent last year.
So we can Verify, this meme is false.