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Thoughts on this #TaxReform bill. I am going to try to grab different things than are likely to be picked up by other sources.
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First up...You didn't like that HELOC deduction did you? Bummer. These often used for: 1. At purchase between 2 loans to save PMI 2. Emergency repairs 3. College tuition 4. Job loss 5. Buy out after a break up 6. Start businesses 7. Medical bills
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Next up - I always though one was silly, so we'll lighten the mood. Very few people an take this one because of the way deductions work. Goodbye tax law anecdote for 2/3Ls, sorry Prof. Maine.
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Moving for work or because there is no work? Business can write this expense off, you? Not. And if your boss is kind enough to reimburse you instead of just lay you off...you pay taxes on that. For people who say it's so easy to move for better jobs? Remember this.
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One more year on the individual mandate.
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I can't translate this one, but I hope someone else can. Why did they call out recordings like this? Seems weird.
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Depreciation to 100%, interesting choice.
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Coming soon to a tax plan near you, a big increase in depreciation for schmancy luxury cars.
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I legitimately do not know if we have a citrus carve out in current law, I just find this entertaining.
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Interesting choice in today's climate. No deductions for NDA sexual harassment/abuse settlements. I might agree with this one but I can see it turning out poorly for some that will be surprised by this.
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So my absolute favorite part of the bill is THE PART WHERE IT *DOESN'T* LIST THE SECTION TITLES AT THE FRONT. It's like a bad law scavenger hunt. Without clues.
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Still digging through this beast, this one is a problem. If you sell your house without living in it for 5 years (instead of 2), you lose the tax exclusion. Right now you can sell a house after 2 years and not pay capital gains for a sizeable chunk.
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Say you bought a condo 4 years ago and want to get a bigger place for a family? Taxed on those gains unless you wait a year. Need to move for work and no way to maintain a house you bought 3 years ago? Taxes on any gains.
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What if you have divorce or death and need to sell before 5 years. This exemption is about mobility and helping Americans climb up into and stay in the middle class.
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