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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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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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