$1 million limit

$750,000 limit, mortgages purchased prior to 2017 are grandfathered

Deductible

MFJ: $12,700

S: $6,350

HH: $9,350

10, 12 , 22, 24, 32, 35, 37%

Repealed; none

$4,050

Prior Law (2017)

Mortgage Interest

Alternative Mininum Tax

Individual Rates

The Tax Cuts and Jobs Act was passed by congress on December 20, 2017.

‚ÄčThe President signed it into law on December 22, 2017..

Maximum $10,000 deduction

$2,000 (refundable up to $1,400)

10, 15 , 25, 28, 33, 35, 39.6%

35% maximim rate

Ind: 26, 28%

Corp: 20%

Standard Deduction

21% flat rate

$1,000 (refundable up to $1,000)

Personal Exemptions

Child Tax Credit

Corporate Rate

Ind: exemption increased

Corp: repealed

MFJ: $24,000

S: $12,000

HH: $18,000

H.R. (2018)

State and Local Taxes