5 Big Takeaways for Individuals from the Tax Cuts and Job Act

5 Big Takeaways for Individuals from the Tax Cuts and Job Act

  1. Loss of personal exemptions-$4,050(2017) to $-0-(2018)
  2. Increase in standard deduction:
    1. Single-$6,350(2017) to $12,000(2018P
    2. Married Joint-$12,700(2017) to $24,000(2018)
    3. Head of Household-$9,350(2017) to $18,000(2018)
    4. Additional for Elderly & Blind
      1. Single-$1,550(2017) to $1,600(2018)
      2. Married Each-$1,250(2017) to $1,600(2018)
  3. Real and personal property taxes and state and local income taxes deduction capped at $10,000
  4. Mortgage interest deduction for new mortgages after 2017 limited to the interest on the first $750,000 of mortgage debt; elimination of the deduction of home equity interest after 2017
  5. All miscellaneous itemized deductions subject to the 2% of adjusted gross income suspended