26 U.S. Code § 68 - Overall limitation on itemized deductions
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(a) General rule
In the case of an individual whose adjusted gross income exceeds the applicable amount, the amount of the itemized deductions otherwise allowable for the taxable year shall be reduced by the lesser of—
(b) Applicable amount
(1) In general
For purposes of this section, the term “applicable amount” means—
(C) $250,000 in the case of an individual who is not married and who is not a surviving spouse or head of household, and
(D) 1/2 the amount applicable under subparagraph (A) (after adjustment, if any, under paragraph (2)) in the case of a married individual filing a separate return.
For purposes of this paragraph, marital status shall be determined under section 7703.
(2) Inflation adjustment
In the case of any taxable year beginning in calendar years after 2013, each of the dollar amounts under subparagraphs (A), (B), and (C) of paragraph (1) shall be shall be  increased by an amount equal to—
(B) the cost-of-living adjustment determined under section 1 (f)(3) for the calendar year in which the taxable year begins, except that section 1 (f)(3)(B) shall be applied by substituting “2012” for “1992”.
If any amount after adjustment under the preceding sentence is not a multiple of $50, such amount shall be rounded to the next lowest multiple of $50.
(c) Exception for certain itemized deductions
For purposes of this section, the term “itemized deductions” does not include—
(1) the deduction under section 213 (relating to medical, etc. expenses),
(d) Coordination with other limitations
This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
 So in original.
Source(Added Pub. L. 101–508, title XI, § 11103(a),Nov. 5, 1990, 104 Stat. 1388–406; amended Pub. L. 103–66, title XIII, §§ 13201(b)(3)(E), 13204,Aug. 10, 1993, 107 Stat. 459, 462; Pub. L. 105–277, div. J, title IV, § 4004(b)(2),Oct. 21, 1998, 112 Stat. 2681–911; Pub. L. 107–16, title I, § 103(a),June 7, 2001, 115 Stat. 44; Pub. L. 112–240, title I, § 101(b)(2)(A),Jan. 2, 2013, 126 Stat. 2316.)
Inflation Adjusted Items for Certain Years
For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.
2013—Subsec. (b). Pub. L. 112–240, § 101(b)(2)(A)(i), added subsec. (b) and struck out former subsec. (b). Prior to amendment, text read as follows:
“(1) In general.—For purposes of this section, the term ‘applicable amount’ means $100,000 ($50,000 in the case of a separate return by a married individual within the meaning of section 7703).
“(2) Inflation adjustments.—In the case of any taxable year beginning in a calendar year after 1991, each dollar amount contained in paragraph (1) shall be increased by an amount equal to—
“(A) such dollar amount, multiplied by
“(B) the cost-of-living adjustment determined under section 1 (f)(3) for the calendar year in which the taxable year begins, by substituting ‘calendar year 1990’ for ‘calendar year 1992’ in subparagraph (B) thereof.”
Subsecs. (f), (g). Pub. L. 112–240, § 101(b)(2)(A)(ii), struck out subsecs. (f) and (g), which related to phaseout of limitation and termination of applicability of section, respectively.
2001—Subsecs. (f), (g). Pub. L. 107—16 added subsecs. (f) and (g).
1998—Subsec. (c)(3). Pub. L. 105–277substituted “for casualty or theft losses described in paragraph (2) or (3) of section 165 (c) or for losses described in section 165 (d)” for “for losses described in subsection (c)(3) or (d) ofsection 165”.
1993—Subsec. (b)(2)(B). Pub. L. 103–66, § 13201(b)(3)(E), substituted “1992” for “1989”.
Subsec. (f). Pub. L. 103–66, § 13204, struck out heading and text of subsec. (f). Text read as follows: “This section shall not apply to any taxable year beginning after December 31, 1995.”
Effective Date of 2013 Amendment
Amendment by Pub. L. 112–240applicable to taxable years beginning after Dec. 31, 2012, see section 101(b)(3) ofPub. L. 112–240, set out as a note under section 1 of this title.
Effective Date of 2001 Amendment
Pub. L. 107–16, title I, § 103(b),June 7, 2001, 115 Stat. 45, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 2005.”
Effective Date of 1998 Amendment
Pub. L. 105–277, div. J, title IV, § 4004(c)(3),Oct. 21, 1998, 112 Stat. 2681–911, provided that: “The amendment made by subsection (b)(2) [amending this section] shall apply to taxable years beginning after December 31, 1990.”
Effective Date of 1993 Amendment
Amendment by section 13201(b)(3)(E) ofPub. L. 103–66applicable to taxable years beginning after Dec. 31, 1992, see section 13201(c) ofPub. L. 103–66, set out as a note under section 1 of this title.
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