Immediate action may be required!
The House recently passed the final version of the Tax Cuts and
Jobs Act, clearing the way for President Trump to sign the new $1.5
trillion tax bill into law. Most of the bill's provisions are
effective beginning in 2018, which gives taxpayers a relatively
short period of time to take advantage of certain favorable tax
rules that are soon set to expire. Below are a few
"Action Items" that individual
taxpayers should consider taking before this year's end:
MORTGAGE INTEREST -- Under the new law, the
mortgage interest deduction will be limited to $750,000 of home
acquisition indebtedness starting in 2018. However, taxpayers whose
mortgages were issued before the December 15, 2017 cutoff date will
be grandfathered in, and will still be able to deduct interest on
up to $1 million of mortgagerelated indebtedness. Mortgage interest
on second homes will also remain deductible, but subject to the
$750,000 limit. The bill will, however,
