The Tax Cuts and Jobs Act: An Advisor’s Guide

(Related: 4 Huge Opportunities to Beat the Tax Bill)

We will update this page as more information and analysis becomes available. This list is by no means conclusive. If you come across any tax bill provisions we should add, please leave a comment.

• New tax brackets. (Bottom of Page 535)
• Standard deductions. (Page 537)
• Inflation adjustments based on the chained Consumer Price Index. (Page 14)
• The new deduction for pass-through business income. (Page 25)
• Treatment of business income for individuals, trusts and estates. (Page 543)
• The increase in the estate and gift tax exemption. (Page 103)
• Changes to child tax credit. (Page 564)
• Repeal of the deduction for alimony. Alimony payments are no longer deductible for the payor spouse for any divorce after Dec. 31, 2018. Child support payments are not affected. (Page 623)
• Repeal of certain itemized deductions (bottom of Page 618) including:

1. Hobby expenses
2. Investment fees and expenses
3. Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed
4. Repayments of income
5. Safe deposit box rental fees
6. Tax preparation expenses
7. Work-related expenses, including a home office and professional society dues.

• Medical expense deduction. (Page 622)
• Alternative Minimum Tax. (Page 668)
• Home mortgage and home equity interest deduction. (Page 599)
• New limits on state and local tax deduction. (Bottom of Page 601)
• Repeal of the deduction for personal exemptions. (Bottom of Page 538)
• Changes to education savings rules. (Page 583)
• Treatment of student loans discharged due to death or disability. (Bottom of Page 75)
• Changes to like-kind exchanges of real property, aka 1031 exchanges. (Page 759)
• Repeal of the individual mandate to buy health insurance under the Affordable Care Act. (Page 676)
• Relief for natural disaster victims, including retirement plan distributions. (Page 686)
• Temporary increase in allowed ABLE account contributions for disability-related expenses. (Page 678)
• Repeal of tax credit bonds (e.g., clean renewable energy bonds and school construction bonds (Page 834)

— Related on ThinkAdvisor:

• How Tax Bill Impacts 4 Key Areas for Advisors & Clients
• Tax Bill’s Corporate Benefits Come Early, Then Fade, Study Says
• These Are the Tricks States May Use to Cushion the Loss of SALT Deduction
• Everything You Need to Know About the GOP Tax-Overhaul Bill