2017 Tax Cuts & Jobs Act: What You Should Know — Individual Tax Reform
February 6, 2018
Dorsey presenters provided an overview of the impact of this sweeping new tax law on individuals, including lower income tax rates, key adjustments to standard and itemized deductions (including the new pass-through deduction), the expansion of permissible distributions from 529 education accounts, the doubling of estate, gift, and generation-skipping transfer tax exemptions, and more. They explored how the federal tax law changes interact with existing state laws (with a focus on Minnesota), and discussed overall policy implications for the federal government and for states.
Ben Lindblad, Tessa Mielke, Katina Peterson, & Mary Streitz, Dorsey & Whitney LLP
**NOTE: Watching this recording does not allow the user to obtain CLE, CPD, CPE or HR credits.
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Buying your first house on a loan comes with multiple tax benefits. These deductions not only reduce your tax outgo but also help in managing your cash flows better.
To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:-
· Repayment of the Principal Amount
· Repayment of the Interest on Home Loan
As the repayment comprises of 2 different components, the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections (Section 80C, Section 24 and Section 80EE) while filing the Income Tax Return.
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