You probably know that Congress recently passed the biggest tax law overhaul in three decades. Here’s a short summary of some of the highlights for families – please consult your tax professional for specifics of how these and other new rules may apply to you and your family.
- The Standard Deduction – applies to nearly everybody. For married couples filing jointly, the deduction nearly doubled to $24,000. This is great news for everybody and takes the sting out of the loss of some deductions for homeowners.
- Home equity loan interest deductions are gone.
- Mortgage interest deductions are intact for most people except those who purchase new homes after 12.15.17 with new mortgages exceeding $750,000.
- Deduction for property taxes, state/local taxes, and state income taxes now have a combined limit of $10,000.
- Deductions for moving expenses are gone, other than for active duty military personnel.