Tax Cuts & Jobs Act (TCJA)

Supreme Court of the United States of America

Understanding the Supreme Court Case on Taxing Unrealized Income

Recently, the Supreme Court of the United States took up a significant case, Charles G. Moore v. United States, that could impact how certain incomes are taxed. This is especially pertinent for those with investments in foreign companies. What’s the Case About? The case revolves around a change in the tax law from the 2017 …

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Some Clarification on the Temporary Gift Tax Break

One of the odder portions of The Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. When adjusted for inflation, this exemption allows individuals to transfer up to $11.7 million in 2021 without paying any federal gift or estate tax (up from $11.58 million in 2020). Married couples can …

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The TCJA Effect: Qualified Residence Interests

The Tax Cuts and Jobs Act (TCJA) had both a direct and indirect impact on the various types of interest expense that individuals can deduct from their taxes, including qualified residence interest. The TCJA affects interest on residential loans in two ways. First, it nearly doubles the standard deduction and places a $10,000 cap on …

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