Quickbooks Accounting Services
WHAT THE NEW TAX BILL MEANS FOR YOU!
Your tax situation may change for the 2019 year as a result of the new Tax Cuts and Jobs Act (TCJA).
Brown and Company, CPA, LLC believes you should be informed of how these changes may affect you and your family. Below, we’ve highlighted some of the changes that will impact individual taxpayers, as well as steps you may want to consider by the end of 2019. We strongly encourage you to consult with your tax and other advisers before taking action.
- Deductible mortgage interest for new home purchases (beginning in 2018) of first or second homes is capped at loans of $750,000. Existing loans as of December 15, 2017 will not be affected. Loans under binding written contracts entered into prior to December 15, 2017 and that close prior to April 1, 2018 will also not be affected. This provision sunsets after 2025.
- Deductible home equity loan interest: Deductions for home equity indebtedness is repealed.