Facebook Live Q&A for Your 2018 Tax Plan Changes
Keri Shull and CPA Charlie Bish of Burdette Smith & Bish LLC will be answering all of your questions about the 2018 tax plan changes, specifically on how they pertain to real estate.
For a full rundown of key takeaways from the plan, check out this blog on tax changes from Orange Line Living.
When: Tuesday January 9th at 12:30pm
Where: Head over to facebook.com/kerishullteam to see the live feed
How: Just write your questions in the comment section!
We are already getting some great questions!
Here are a few questions we have received and will be answering, just comment on the Live video to ask yours!
- Are sale commissions or closing costs tax deductible?
- Are sale commissions or closing costs tax deductible if it was a rental?
- Would a seller owe tax if he owns the unit 2 years or less?
Tax Plan Highlights
The reform package had minimal impact on the mortgage interest deductions for primary and secondary residences interest can still be deducted on Mortgages up to $750,000 down just $250,000 from the previous $1,000,000.
The current requirements, by which individual sellers aren’t responsible for taxes on the first $250,000 in profit from a sale — provided it’s a primary residence, occupied for two of the past five years (the capital gains exclusion rises to $500,000 for married couples filing jointly) this provision remains unchanged in the new tax bill.
CPA Charles Bish
Charlie Bish has over forty years of experience as a certified public accountant and is also a registered investment advisor. He is licensed in DC and VA and has recently receive the Smart CPA award from Smart CEO Magazine as well as recognition in The Washingtonian’s Who to go to for Financial Advice.
Can’t make the live but have questions? Send us an email at [email protected]!