Individual Taxes

What are the changes for Mortgage Interest Deduction? Effective January 1, 2018, the Tax Cut and Jobs Act (TCJA) changed the mortgage interest deduction included on Schedule A. The TCJA did not change the definition of acquisition indebtedness and applies to qualifying indebtedness obtained after December 14, 2017. Deductible mortgage interest originates from acquisition [...]

Personal Exemption Deductions The Tax Cut and Jobs Act (TCJA) suspended the calculation of the personal exemptions deduction when determining taxable income for years after December 31, 2017 and before January 1, 2026. In exchange, the Child Tax Credit was increased to $2,000 and a new $500 Credit for other dependents was created. While [...]