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2018 Changes To U.S. Real Estate Tax Deductions

The Tax Cuts and Jobs Act (TCJA) will impact many how many homeowners will file their taxes this year. This article from HomeKeepr highlights some of the changes that you should be aware of and how it could impact you at tax time. Please enjoy the article and give me a call if need help with any of your real estate needs.

Source: | Re-Post Houterloot 9/27/2018 – 

As a homeowner, or soon to be homeowner, you can get some pretty sweet tax deductions from things related to your home. Some tend to change from year to year, like those for energy-efficient upgrades, others are pretty stable, like being able to deduct mortgage interest.

The tax bill that will be in force in the up and coming tax season, the Tax Cuts and Jobs Act (TCJA), has made some fairly dramatic changes to how many homeowners will file their taxes this year. Take a look at this preview of home-related points to ponder for your 2018 tax filings.

TCJA Items to Watch in 2018
When the TCJA was pushed through Congress in December 2017, many people were up in arms. The overhaul, they said, was going to be problematic for a number of reasons, which, we’ll see how that pans out. It does seem that when it comes to real estate, the TCJA is going to be a pretty prickly thorn in a lot of property owners’ sides.

These are the top items you’ll want to pay close attention to this year:

Item #1: SALT

Read the full article…

Posted on September 27, 2018 at 9:09 am by Tim Houterloot

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