· At the end of 2017, the United States underwent the largest tax law overhaul in more than 30 years. The new law, called the Tax Cuts and Jobs Act (TCJA), is effective from 2018 – 2025 and makes several changes to oft-used tax deductions. If you own a home or are in the process of buying or selling, here are the key points you need to know.
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Homeownership offers multiple home tax deductions, tax credits and other breaks that aren’t available to those who rent. If you bought your first home in 2018 – or you’re hoping to buy one in 2019 – it can pay to familiarize yourself with first-time homebuyer tax credits so you can take advantage of tax breaks that lower your tax bill .
· The mortgage interest deduction is one of the biggest home tax breaks and shouldn’t be overlooked as a first-time homebuyer credit. This crucial deduction covers interest paid on loans of up to $750,000, or $375,000 if you’re married but filing a separate return.
The tax overhaul Congress passed in late 2017 generally simplifies filing for millions of families in America with an increased standard deduction, but it can also limit some deductions that may have.
The deductions and exclusions available to homeowners are worth more to taxpayers in higher tax brackets than to those in lower brackets. For example, deducting $2,000 for property taxes paid saves a taxpayer in the 37 percent top tax bracket $740, but saves a taxpayer in the 22 percent bracket only $440.
The SALT deduction, or State And Local Tax, was severely reduced by the tax plan that was passed in 2017. It capped the amount of property taxes that homeowners could deduct at $10,000 – a harsh blow.
Parrish said he was surprised property values increased as much as they did, given that mortgage rates had spiked toward the.
First Time Homeowner Rebate 4 tax breaks Every First-Time Homebuyer Must Know. – The tax landscape changes yearly. With this being the first tax year under the changes in the new tax bill, first-time homebuyers must stay on their toes to understand the changes. The government provides tax breaks for existing and new homeowners to incentivize buying homes.
Tax Deductions for Homeowners: How the New Tax Law Affects. – Tax changes for 2019 change the landscape for homeowners. tax season is upon us once again, and to make it even more interesting this year, the tax code has changed – along with the rules about tax deductions for homeowners.
Complicating matters, the Tax Cuts and Jobs Act of 2017 has made major changes to the tax breaks that every homeowner should know. IRS Publication 530, titled "Tax Information for Homeowners", can fill you in on the deductions that are available to you for the 2018 tax year. Several of the most important tax benefits are listed below.