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Robyn Scharlach

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The New Tax Law - How Will It Affect Homeowners

January 4th, 2018



Major Provisions Affecting Current and Prospective Homeowners

Tax Rate Reductions

Tax Brackets for Ordinary Income Under Current Law and the Tax Cuts and Jobs Act (2018 Tax Year) Single Filer

Current Law Tax Cuts and Jobs Act
10% $0-$9,525 10% $0 - $9,525
15% $9,525 - $38,700 12% $9,525 - $38,700
25% $38,700 - $93,700 22% $38,700 - $82,500
28% $93,700 - $195,450 24% $82,500 - $157,500
33% $195,450 - $424,950 32% $157,500 - $200,000
35% $424,950 - $426,700 35% $200,000 - $500,000
39.6% $426,700+ 37% $500,000

Tax Brackets for Ordinary Income Under Current Law and the Tax Cuts and Jobs Act (2018 Tax Year) Married Filing Jointly

Current Law Tax Cuts and Jobs Act
10% $0 - $19,050 10% $0 - $19,050
15% $19,050 - $77,400 12% $19,050 - $77,400
25% $77,400 - $156,150 22% $77,400 - $165,000
28% $156,150 - $237,950 24% $165,000 - $315,000
33% $237,950 - $424,950 32% $315,000 - $400,000
35% $424,950 - $480,050 35% $400,000 - $600,000
39.6% $480,050+ 37% $600,000+

Exclusion of Gain on Sale of a Principal Residence

Mortgage Interest Deduction

Courtesy of NAR.REALTOR.com  (an excerpt from their article)


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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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