We've just learned that Congress has passed legislation that makes significant changes to the current tax system. Many of the details in this bill have yet to be analyzed and understood. Some changes include: home equity interest will no longer be deductible, new limits will be placed on mortgage interest, and property tax deductability.
The impact of this tax bill will depend on your situation. It may not be easy to determine what these changes mean for you, so it's important that you rely on trustworthy sources as you seek to understand how you will be affected. This tax briefing, Tax Cuts and Jobs Acts prepared by Wolters Kluwer, provides a side-by-side comparison of the law, as it was before the new bill passed, as well as a breakdown of the changes that come with the newly-passed bill.
A tax advisor can help you interpret these changes and help you determine your next steps. If you don't have a tax advisor, you can visit the TurboTax AnswerXchange forum for tax support.
Please be assured that BECU stands ready to help you with products and services that meet your needs as you navigate these coming changes.