Tax deductions

The Treasury Department and the Internal Revenue Service proposed regulations Friday to increase and expand the first-year depreciation deduction for qualified property from 50 to 100 percent, carrying out a provision of the Tax Cuts and Jobs Act.

Among the wealthy tri-state area set, there’s more buzz than ever about fleeing south to Florida, land of mild winters and, more importantly after last year’s federal tax overhaul, zero state personal income tax.

Four Democratic-led northeastern states sued the Trump administration to invalidate the new $10,000 cap on the federal tax deduction for state and local taxes.

The upcoming rules may affect one tactic that some wealthy taxpayers have been using to get around the cap on deducting local property taxes.

In many cases, the profitable sale of a second home will result in a tax-favored capital gain.

The new tax law allows for full and immediate write-offs through 2022.

Despite the uptick in interest rates, an improved economy may lead to a resurgence of interest in vacation or second homes.

Thomson Reuters Checkpoint Catalyst has published an analysis of the new Section 199A qualified business income deduction for pass-through entities ushered in by the Tax Cuts and Jobs Act.

The IRS’s new 1040 tax form doesn’t exactly fit on a standard postcard as Republicans promised, but it’s smaller and simpler than before — and it may push more filers to use software rather than in-person tax preparers.

Senate Minority Leader Charles Schumer, D-N.Y., is urging the Internal Revenue Service to back down on threats to challenge New York State’s efforts to allow taxpayers to circumvent the limits on state and local tax deductions in the federal tax overhaul.