Are there any limits on the deductions I can take?

Yes, there are limits on the deductions you can take when filing your taxes in Maryland. These limits are based on your income, filing status, and the type of deduction you’re trying to take. For example, if you’re a single filer with an income of less than $100,000, you may be able to deduct up to $15,000 for certain types of expenses, such as medical expenses, charitable donations, and interest payments. If your income is above $100,000, then your deduction limit may be lower. Additionally, certain types of deductions may be limited in other ways. For instance, the amount of mortgage interest you can deduct is limited to the amount of debt you have secured by your main or second home. It’s important to note that there are also special rules and limits for certain types of deductions. For instance, you may be able to deduct up to $4,000 for certain types of educational expenses, such as tuition and books, but only under certain conditions. Additionally, there are limits on the amount of state and local taxes you can deduct as part of the state and local tax deduction. It’s important to research these limits carefully before filing your taxes.

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