{"id":4887,"date":"2018-01-10T10:47:10","date_gmt":"2018-01-10T15:47:10","guid":{"rendered":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/?p=4887"},"modified":"2018-01-11T14:19:43","modified_gmt":"2018-01-11T19:19:43","slug":"tax-reform-2018","status":"publish","type":"post","link":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/tax-reform-2018\/","title":{"rendered":"Tax Reform 2018"},"content":{"rendered":"

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The National Association of Realtors has produced a comprehensive document that summarizes the changes affecting real estate professionals and homeowners.\u00a0\u00a0All individual provisions are generally effective after\u00a0December 31, 2017<\/span><\/span>\u00a0for the 2018 tax filing year. The provisions do not affect tax filings for 2017 unless noted.<\/span><\/p>\n

*We are Sharing this with our Clients\u00a0 as a courtesy –\u00a0 BUT You should always consult a tax professional about your own personal circumstances.<\/span><\/em><\/strong><\/p>\n

Below are some highlights regarding Real Estate:<\/strong><\/span><\/p>\n

Mortgage Interest Deduction<\/strong><\/span>
\n\u2022 The final bill reduces the limit on deductible mortgage debt to $750,000 for new loans taken out after 12\/14\/17.<\/span>
\nCurrent loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap. Neither limit is<\/span>
\nindexed for inflation.<\/span><\/p>\n

\u2022 Homeowners may refinance mortgage debts existing on 12\/14\/17 up to $1 million and still deduct the interest, so long<\/span>
\nas the new loan does not exceed the amount of the mortgage being refinanced.<\/span><\/p>\n

\u2022 The final bill repeals the deduction for interest paid on home equity debt through 12\/31\/25. Interest is still deductible<\/span>
\non home equity loans (or second mortgages) if the proceeds are used to substantially improve the residence.<\/span><\/p>\n

\u2022 Interest remains deductible on second homes, but subject to the $1 million \/ $750,000 limits.<\/span><\/p>\n

Deduction for State and Local Taxes<\/strong><\/span>
\n\u2022 The final bill allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or<\/span>
\nsales taxes. This $10,000 limit applies for both single and married filers and is not indexed for inflation.<\/span><\/p>\n

\u2022 The final bill also specifically precludes the deduction of 2018 state and local income taxes prepaid in 2017.<\/span><\/p>\n

Click Here for the Full Report on the 2018 Tax Reform Bill from the National Association of Realtors<\/a><\/strong><\/span><\/p>\n

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TAX ADVANTAGES OF LIVING IN DELAWARE:<\/h3>\n

Let\u2019s talk money! Sussex County Delaware is famous for its\u2019 beautiful beaches, inland waterways and its\u2019 close proximity to Washington DC, Baltimore and Philadelphia, which made it a natural vacation destination. But when those same vacationers found out about our tax structure \u2013 Southern Delaware quickly became famous as one of \u201cthe most tax-friendly states \u2013 especially for retirees\u201d.<\/p>\n

Delaware has some of the\u00a0Lowest Real Estate Taxes in the country. But there\u2019s more\u2026there is\u00a0No Sales Tax, No Inheritance Tax\u00a0for most residents, and\u00a0No Social Security Tax. And if you\u2019re 60 or older you can exclude up to $12,500 of Investment and Qualified Pension Income from your taxes and that includes Out-of-State Government Pensions.<\/p>\n

Click Here for more detail on Sussex County Taxes<\/a><\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

The National Association of Realtors has produced a comprehensive document that summarizes the changes affecting real estate professionals and homeowners.\u00a0\u00a0All individual provisions are generally effective after\u00a0December 31, 2017\u00a0for the 2018 tax filing year. The provisions do not affect tax filings for 2017 unless noted. *We are Sharing this with our Clients\u00a0 as a courtesy –\u00a0 … Continue reading Tax Reform 2018<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":4888,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-4887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts\/4887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/comments?post=4887"}],"version-history":[{"count":0,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts\/4887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/media\/4888"}],"wp:attachment":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/media?parent=4887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/categories?post=4887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/tags?post=4887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}