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A Few Highlights Of The Tax Bill For NJ Real Estate
Dated: December 28 2017
The buzz-phrase for the end of 2017 was certainly “Tax Bill”. After a few revisions, here are a few things to ponder over President Trump’s tax bill and how it will affect New Jersey Real Estate and Home Sales at the Jersey Shore.
Most of the breaks for middle-class taxpayers expire in 2025, though the corporate tax cuts are permanent. The changes won't affect your 2017 tax returns, but Trump says the lower rates could be felt in paychecks early in 2018.
• Capital gains exclusion.
In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify forthe exclusion.
• Mortgage interest deduction.
The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.
• State and local tax deductions.
Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether.
The tax that falls only on the richest two of every 1,000 American estates, virtually none of them family farms or small businesses, will now apply only to inheritances of at least $22 million for couples, double the current threshold.
Unless you're in the military, you no longer can deductyour moving expenses. Also gone are deductions for paying someone to do your taxes.
Except for presidentially declared disasters, you won't be able to deduct losses from property damage due to storms, fire or flooding.
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