Investor · North Miami Beach, FL · Member since 2013 · 3 posts · 0 votes
Congressional tax reform bills. Today, the House passed a bill that would reduce the value of the mortgage interest deduction, eliminate the deduction for state and local taxes, and cap the property tax deduction — increasing taxes for many homeowners. Next: A possible Senate vote.
Any thoughts on this?
They simultaneously doubled the standard deduction. As a result, for many people, the increased standard deduction will end up being higher than what their itemized deductions used to be under the current law. In other words, some will lose, but others will win.