1. Mortgage interest deduction – You may have heard that they lowered the amount of interest you could deduct up to $1,000,000 of the loan value for your main home to $750,000. This however does NOT apply to grandfathered acquisition debt. What this means is that you STILL can deduct your interest up to $1,000,000 of the loan for debt acquired before 2018. What they did take out is the deduction for home equity debt
  2. The tax code is leaving charitable deductions but before there was a 50% AGI limit, now it is 60%.
  3. Casualty losses are no longer allowed! Only exception is Federally declared disaster areas
  4. Gambling losses was being threatened but they retained this deduction
  5. After 2018, the “Moving” deduction is suspended through 2025
  6. They retained the teacher deduction to the $250 maximum. It was set to increase to $500 but it was rejected, House did not want it increased
  7. Personal exemption is in place for 2017 but suspended for 2018 through 2025
  8. The requirement for filing will now be generally based on the standard deduction
  9. The child tax credit is increased to $2,000 per qualifying child- Up to $1,400 of the credit is refundable
  10. Standard deduction for Singe taxpayers is increasing to $12,000 | Head of Household is increasing to $18,000 | Married Filing Jointly is increasing to $24,000 but be aware the exemption you claim for each person on the tax return is no longer in place