More tax hikes in Republicans’ “tax cut” bill

More tax hikes that you can anticipate for 2018 under the Republican tax bill:

#3: It’s going to cost you more to move for work. If you moved to a new city for a job in 2017, you probably get a deduction for the cost of getting yourself and your stuff from your old home to your new one. Not in 2018. The deduction for moving expenses has been eliminated.

#4: Mortgage interest deductions are reduced on big loans. You used to be able to deduct interest on up to $1 million of debt on first and second homes combined. The deduction is reduced to interest on up to $750,000 of mortgage interest, starting in 2018.

“Nightmare” Republican tax bill brings year-end chaos for homeowners

Homeowners across the country looked to battle the coming $10,000 cap on state and local tax deductions by paying their 2018 property taxes in advance. Now the IRS has announced that only property taxes that have been assessed can be deducted in 2017. The announcement did little to clarify who can take a deduction now… Continue Reading