#130 Mail-Right Show New Tax Laws with Rachel (Kupin) Ivanovich Enrolled Tax Agent.
We are revisited by a show favorite: Rachel Kupin-Ivonovich, Enrolled Agent and founder of Easy Life Management Tax Preparation- located in Carlsbad, CA in San Diego County, but serving an international clientele. (Previous Tax Advice Episodes in 2017 #91 and #106)
We discuss and cut through the confusion of the 2018 Tax Reform Laws What was proposed was covered by the media more than what was passed, so there’s still confusion over the new Tax Laws. Fear Mongering was used by the media in 2017 to get real estate agents and citizens to get in touch with their Senators and Representatives- to take action on this issue, to get agents talking to clients and clients talking to CPA’s.
Confusion leads to Fear and Fear = Paralysis There is actually Good News for the Vast Majority!
1 Mortgage Interest Deduction There were concerns over mortgage interest deduction being eliminated. That didn’t happen. However, the bill has made changes: listen to our episode to learn more.
“I want to buy the house I want to buy, I’m not buying to fit in a tax bracket or save $100/month.”
Alternative Minimum Tax: is explained in this episode.
2. State and Local Taxes (SALT): Roughly 70 percent of people (prior to this) don’t itemize their taxes in the first place, so the changes have no real affect on them. We discuss this impact:
People concerned that the state and local tax deduction (including property taxes) would be eliminated. That didn’t happen.
3. Exclusion of capital gains on the sale of a principal residence (investment properties were not affected).
There was big concern that homeowners would need to reside in their homes for at least 5 out of the last 8 years to claim this exemption. That did NOT happen, here in this episode what the rule is now.
Easy Life Management (A Tax Preparation Company)
3088 Pio Pico Drive, Ste 201
Carlsbad CA 92008
Producer: Jonathan Denwood
Call: (775) 237-3884 8am-5pm PST) Monday to Friday
Producer / Co-Host: Thomas J. Nelson, Realtor call/text 858-232-8722 (Mon-Sat 8am-5pm PST)