Friday evening the House and Senate Conference Committee agreed to the Tax Cuts and Jobs Act. Barring a delay, it is anticipated to pass both chambers tomorrow and be signed into law before December 25th. Click here to view Policy Highlights of the Act.
Not included in the highlights document are some of the deductions that may be lost or reduced under the Act, such as:
- College athletic event seating rights
- Miscellaneous itemized deductions (2% deductions) including tax preparation fees and investment management fees
- Personal casualty loss deduction
You may still be able to benefit from certain of these deductions, if payment is made before the end of 2017; for example, prepaying donations tied to college athletic event seating rights. Deducting prepayments of other items, such as 2018 state and local income taxes, is specifically prohibited in the language of Act.
Please call your DMLO advisor, or our main number (502) 426-9660, if you want to discuss the specifics of your situation and whether you should consider taking action before 12/31.