We thought this article provided a good concise overview of the tax bill and changes for homeowners, buyers, and sellers. Check out the list below and see how the final version of the tax bill can affect you.
“Standard deduction: The new law increases the standard deduction to $12,000 for single filers and $24,000 for joint filers. For many homeowners it no longer makes sense to itemize deductions.
Mortgage interest deductions: The new law caps the limit on deductible mortgage debt at $750,000 for loans taken out after Dec. 14. (Loans made before that date can continue to deduct interest on mortgage debt up to $1 million.) Homeowners can refinance mortgage debts that existed before Dec. 14 up to $1 million and still deduct the interest as long as the new loan does not exceed the amount refinanced. The interest on a home-equity loan can be deducted as long as the proceeds are used to substantially improve the home. Mortgage interest on second homes can be deducted but is subject to the $750,000 limit.
State and local property taxes: The new law limits the property tax deduction to $10,000. The bill specifically precludes prepaying 2018 state and local taxes in 2017.
Capital gains exclusion: Home sellers can exclude up to $500,000 for joint filers or $250,000 for single filers for capital gains when selling a primary home as long as the homeowner has lived in the residence for two of the past five years. An earlier proposal would have increased that requirement to five out of the last eight years but it was struck down.
Deduction for casualty losses: The law restricts the deduction to only losses attributable to a presidentially declared disaster.
Moving expenses: The law eliminates the deduction except for members of the military.
Estate tax: The law doubles the estate tax exemption to $11.2 million.
Historic Tax Credit: The HTC has been used to fund renovations in more than 40,000 historic structures since 1981. The law continues to provide a 20 percent credit when the certified historic property is placed into service but the new law spreads the deduction over five years.
Low-Income Housing Tax Credit: The bill retains the 4 percent LIHTC, which funds about a third of all affordable housing construction.”
For almost two decades, we at Go Brent Team have been proud to serve our neighbors in this wonderfully diverse community. Through the years of working with friends, helpers and businesspeople, we’ve forged strong and long-lasting relationships. Below are few of our dependable community partners that can help you with a whole array of services for your home. Ranging from painting to home security, these locals will keep things running smooth. Find a service you like and obtain a quote today!
Abrahams Lawn Service
WebsiteAbout Abrahams Lawn Service: Residents of Silver Spring neighborhoods recognize Abrahams’ Lawn Maintenance as the leading residential landscape company in the area for two reasons: they treat each client like they were the only client, and they complete each job with the eye for detail. Now that same great service is also available to residents of Chevy Chase, Bethesda and Northwest D.C. Learn more or get a quote.
B&A Custom Painting General Contractor
WebsiteAbout B&A: Mario Pinto grew up watching his father, a skilled mason, work and began his career as a painter over 15 years ago. Mario honed his craft and a few years ago started B&A Custom Painting. From big to small, Mario does it all: kitchen and bathroom remodeling, basement finishing, drywall, painting and staining, hardwood flooring, and tile work. B&A also offers exterior services such as painting, pressure washing, and concrete work. Mario can honestly say that he has been doing this type of work for most of his life! Learn more or get a quote.
George the Plumber
WebsiteAbout George the Plumber: From pipe repair, to water filtration systems, to radiant floor heating, and more, Mike the Plumber does it all! (He’s come a long way from cleaning pipe fittings). Mike enjoys serving his community six days a week and maintains a high standard of customer satisfaction through his hands-on approach. His business has been built largely on all the good word-of-mouth from happy clients. Learn more or get a quote.
WebsiteAbout Dr. Glass:Dr. Glass Window Washing is a family operated business that values quality services and good relationships with customers. Philip Bregstone started Dr. Glass Window Washing in 1978, one squeegee and one window at a time. As his business grew, Philip started to bring others on board with him so he could wash more windows but keep the signature personal touch. Learn more or get a quote.
About Markham Movers: One of Go Brent Team’s strongest and most enduring local partnerships has been with Markham Movers, a family run and operated business started over 30 years ago by Papa Richard. His son Shaun joined him in 1993 and they’ve handled all GBT’s moving and staging for about 15 years. Brawny enough to move you and all your possessions from here to there, they also possess a deft touch, making them a favorite among shop owners in Kensington’s Antique Row. They serve residential and commercial clients, and offer personalized moving and packing services, too. Learn more or get a quote.
Marzullo Construction, Inc.
About Marzullo Construction, Inc.:Locally owned and operated by father and son team Michael and Stefano, Marzullo Construction specializes in kitchen and bathroom renovations, basement remodeling, and more. With 55 years’ experience between the two of them, the Marzullos know their stuff – if they can’t do it, it probably can’t be done! It’s no wonder these guys have so many perennial repeat customers. Learn more or get a quote.
WebsiteAbout Redbird Redesign: Meet Colleen Mitchell, proprietor and creative force behind RedBird ReDesign, providing design guidance for creating comfortable, beautiful and coordinated interiors – be it one room or an entire house. Colleen will work with you and what you already own, editing and adding key pieces, and updating colors to meet realistic budgets and schedules. Learn more or get a quote.
WebsiteAbout ServiceMaster: Brothers Phelan and Charlie Fowler grew up in Northern Virginia. After years of operating a business focused on exterior disaster clean-up (think tornadoes, floods & hurricanes), they decided to shift their focus to interior services. In 2012, they established Servicemaster Restoration by Fowler which specializes in water and fire damage restoration, mold remediation, odor control, and sewage clean-up. They are proud to give excellent service at a fair price; in addition, they hold several special certifications and have experience handling insurance claims. Learn more or get a quote.
WebsiteAbout SureFit Security:When you need peace of mind, Surefit Security are the people to call! This group of professional fully-licensed locksmiths have been providing quality service and assurance since 1962, and have called their Fenton Street location home since 1992. Surefit Security offers many services including selling, servicing and installation of locks, doors, and door-related hardware, closed circuit TV, video intercoms, telephone entry systems, and a complete line of access control systems. Questions? Stop by their shop and ask, and while you’re there, check out their display of safes, locks, and security doors and windows. Surefit offers free estimates, leasing and payment options, too. When you’re dealing with your home’s security, it’s important to have a trusted and legitimate locksmith you can rely on. Learn more or get a quote.
Go Brent Team is not compensated in any way for recommending our community partners. Each business is separately owned and operated. Go Brent Team checks all contractor licenses annually; license statuses were checked on September 1, 2016. Consumers can access most licensing information at http://www.dllr.state.md.us/license/ (choose the respective Industry/Profession on right); title agents are licensed by the Maryland Insurance Administration at http://www.mdinsurance.state.md.us.