(1) 3 percent of the excess of adjusted gross income over the applicable amount, or
(2) 80 percent of the amount of the itemized deductions otherwise allowable for such taxable year.
(1) In general
For purposes of this section, the term “applicable amount” means—
(A) $300,000 in the case of a joint return or a surviving spouse (as defined in ),
(B) $275,000 in the case of a head of household (as defined in ),
(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) ½ 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 increased by an amount equal to—
(A) such dollar amount, multiplied by
(B) the cost-of-living adjustment determined under for the calendar year in which the taxable year begins, except that shall be applied by substituting “2012” for “2016”.
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.
(1) the deduction under section 213 (relating to medical, etc. expenses),
(2) any deduction for investment interest (as defined in ), and
(3) the deduction under for casualty or theft losses described in paragraph (2) or (3) of or for losses described in .
This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
This section shall not apply to any estate or trust.
This section shall not apply to any taxable year beginning after