More Updates on GOP Tax Bill
Dear Friends & Neighbors,
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In addition to our previous posts on:
There are some other details in the GOP tax bills that may be of interest to you. Most of the changes would be effective next year:
- With regard to adoption, a tax credit worth up to $13,750 per child would end.
- With regard to divorce, alimony would no longer be deductible by the payer for decrees issued after 2017. Payments would be excluded from the recipient’s income.
- Teachers would no longer be able to write off the cost of supplies they purchase for class room.
- Donations to colleges made only to become eligible to buy seats for games or to get parking preferences will no longer be able to deduct 80% of the cost of donation.
- The bill would repeal the deduction for losses (such as from theft, floods, fires, or tornadoes) that exceed 10% of adjusted gross income.
- Some cash awards from employers that are tax-free would become taxable.
- Some workers who are currently getting tax-free housing and meals from their employers would face a $50,000 cap, and benefits would phase out for those earning more than $120,000.
- As of now, the gain on the sale of a house is not taxable if it is under $500,000 for joint filers as long as the home was the owner’s primary residence for two of the previous five years. But the new proposal would require a house to be the primary residence for five of the past eight years to qualify, and the income exclusion would be phased out for taxpayers with income over $500,000.
- The deduction for cost of moving 50 miles or more for a new job would end.
- Claiming a credit of 25% of the expenses for employee child care by companies would end.
- Credit of 50% of the cost of clinical testing of drugs for rare diseases and conditions would end.
- Deduction for the cost of paying some one else to figure out the tax code would end.
- Deduction for the cost of workplace gyms, entertainment, recreational activities, facilities, or membership dues relating to social purposes by employers would end.(an exception is provided for benefits that are treated as taxable compensation for the employee.)
Photographed, gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker
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