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How homeowners win and lose under the new tax law

Source: marketwatch.com - Jun 11, 2018

Home values are surging in many areas, and rents are going up too. These factors make buying a home seem more attractive than ever. As a bonus, the cost of ownership is reduced by any tax savings. But those tax savings may be less than you expect or even nothing after the new Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about federal income tax advantages for home ownership after the new law.
Home ownership write-offs that are still allowed under the TCJA

The cost of renting a personal residence is generally a nondeductible personal expense (an exception is when you use part of a rented home for business purposes, such as a deductible home office).

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Category: General Business