Congress passed a $1.5 trillion tax bill on December 19, 2017, cementing what is considered “the most sweeping rewrite of the tax code” in recent history. The bill impacts the most contentious points of taxation, such as greater tax cuts for corporations and business owners. It also significantly affects individual taxpayers who now face the loss or limitation of several tax breaks.
Under the bill, for example, taxpayers can:
● only claim lower deductions on mortgage interest
● only claim casualty losses if these are incurred in a disaster declared by the president
● no longer deduct the interest on home equity loans
● no longer deduct alimony payments, if they are paying them
● no longer list alimony as income, if they are receiving it