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Below we’ve compiled all the major changes to U.S. tax laws you’ll want to take heed of when filing in 2021. ... Scripps News. Measles outbreaks in Texas, New Mexico now account for nearly 100 ...
Under the TCJA, key changes were made to individual tax laws, including the near-doubling of the standard deduction and increasing the child tax credit to $2,000, from $1,000.
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
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The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]
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The Residential Lead-Based Hazard Reduction Act of 1992, was a 1992 law passed by the US Congress that regulates the selling of houses with lead paint in the United States and educates consumers about the dangers of lead paint. [1] The Act was enacted as Title X of the Housing and Community Development Act.