We hope that the follwing information is helpful in giving you an idea of how tax laws have recently changed.

	PREVIOUS LAW	2018 LAW
MORTGAGE INTEREST DEDUCTION	Capped at $1M	Capped at $750,000
STATE AND LOCAL TAX DEDUCTION	Unlimited	Deduction capped at $10,000 (income, sales and property combined)
CAPITAL GAINS EXEMPTION ON SALE OF PRIMARY RESIDENCE	Exclusion of up to $250,000 ($500,000 if married) of gain realized on sale or exchange of principal residence if lived in for 2 of the last 5 years	No change
1031 LIKE-KIND EXCHANGES	Applied to all classes of property (e.g. personal and real)	Limits non-recognition of gain to real property
PERSONAL DEDUCTION	Allowed	Eliminated
STANDARD DEDUCTION	$6,350 individual and $12,7000 if married	$12,000 individual and $24,000 if married
MID FOR SECOND HOMES		Capped at $750,000
HOME EQUITY LOAN DEDUCTION	Capped at $100,000	Not deductible unless the proceeds are used to substantially improve the property
MOVING EXPENSE EXCLUSION AND DEDUCTION	Incurred in connection with change in work place	Eliminated except for members of armed forces on active duty that move pursuant to military orders
CHILD TAX CREDIT	$1,000 for each child	$2,000 for each child
DEDUCTION FOR QUALIFIED BUSINESS INCOME OF PASS-THROUGH ENTITIES INCLUDING INDEPENDENT CONTRACTORS	None	20% deduction of taxable income phased out above $157,000 ($315,000 if married) for brokerage services
DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (RESIDENTIAL RENTAL)	Recover period is 27.5 years	No change
DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (NONRESIDENTIAL)	Recover period is 39 years	No change
DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (LEASEHOLD IMPROVEMENTS)	Recover period is 15 years	No change