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Tax Reform and Overhaul

Posted by Mike C Posted on June 07 2013

Here are some changes taxpayers might be facing in the coming years.

State Taxes and Property Taxes

Write off for State and Local Taxes might be eliminated. In 1986, Congress talked about eliminating the deduction but decided against it. Congress is talking about eliminating the deduction again in the current tax reform discussions.

Mortgage Interest

This has always been a big concern. They might eliminate the deduction and replace it with a 10% to 12% tax credit. If they don't change it they may lower the $1,000,000 acquisition debt limit down to $500,000 and eliminate the interest deduction on second residences.