Tax Cuts and Jobs Act Bill! How will it Affect Real Estate? Explained!
Tax Cuts and Jobs Act Bill is now finalized. Watch this video for a quick overview on how it may affect you as a homeowner, business owner, and taxpayer.
0:01 | Tax Cuts and Jobs Act
0:19 | Standard Deductions with double! $12,700 when single and $24,000 when married
0:37 | Main Street aka small business owners will enjoy lower taxes and a lower rate of up to 29.6%!
0:53 | When small businesses can spend more, they can hire more employees and enjoy growth!
1:05 | Corporations to pay 14% less. Currently, the United States has the highest tax rate of 35% in the industrialized world. This is changing to a 21% tax rate.
1:28 | Money will trickle down through the economy with job growth, spending, and lending.
1:48 | Lets talk real estate!
1:59 | Currently, you can write up to $1.1 million dollars of your mortgage interest off as a deduction. This is grandfathered in for current homeowners on their first and second properties. No need to worry.
2:15 | When bill takes effect, new homeowners on 1st and 2nd homes will be allowed to write off up to the first $750,000 in mortgage interest deduction.
2:30 | How will it affect my ability to write off property taxes?
2:36 | You can currently write off any amount on a 1st home, vacation home and even land. Under new tax law, you will only be able to write off up to $10,000 of property tax. Rental properties never applied and do not apply here.
2:57 | Talk with your accountant about implications and specifics.
3:07 | The up to $10000 tax credit could apply to either income tax, sales tax or property tax.
3:32 | I predict increased sales in cars and luxury goods!
3:39 | No more penalties for Obamacare
3:45 | Extended medical bill relief
3:50 | Charitable deductions to allow for higher tax credits
3:56 | Extra support for Grad Students!
4:00 | Google all topics for more information.