Tax Reform Facts
by Roseann O'Keefe, Realtor ®
DON'T PANIC...
The big news that brought some homeowners to a scramble before the end of the year was the release of the new $10,000 cap on the SALT (State and Local Tax) deduction. However, here are 3 positive notes to the tax reform which will make many homeowners quite happy.
STANDARD DEDUCTIONS HAVE ALMOST DOUBLED
Standard Deductions have almost doubled meaning more income in 2018 will be tax free.
2017 Single: $6,350
2018 Single: $12,000
2017 Head of Household: $9,350
2018 Head of Household: $18,000
2017 Married filing jointly: $12,700
2018 Married filing jointly: $24,000
CHILD TAX CREDIT DOUBLES
The child tax credit for children age 16 or younger in 2017 was $1,000 per child and threshold was $110,000 for joint returns; $75,000 for others. New Child Tax Credit in 2018 will be $2,000 per child and threshold is $400,000 for joint returns; $200,000 for others.
TAX BRACKET SCALES
The 2018 adjustment of the tax bracket scales should prove to be beneficial overall. For a better understanding of your tax bracket, please consult your accountant.
HOUSING MARKET IMPLICATIONS
Home ownership is not only about a tax deduction, it's about your dream home. Every buyer's motivation is different. It can be about having a backyard, a sense of community, good schools for your children, or simply a larger space. Call me 908-720-9205 to discuss how the tax reform will come into play with your real estate needs.

Contact your accountant to see how the tax reform will affect you personally.

*DISCLAIMER: All information deemed valid but not guaranteed.
Roseann O'Keefe | 908.720.9205 | RO@RoseannOKeefe.com | https://RoseannOKeefe.com