On this very timely episode, I have Gibran Nicholas, Chairman and CEO of the Certified Mortgage Planning Specialist (CMPS) Institute. The 2018 Tax Cuts and Jobs Act has finally been passed, and some major changes have been made. What are the changes and how will they affect you? Tune in to find out all the details about the seven changes in the tax laws that impact lending!
[:50] Jennifer introduces her guest for this episode — Gibran Nicholas.
[2:18] Why do mortgage lenders need to know about the changes brought about by the 2018 Tax Cut and Jobs Act?
[4:25] The first change that has happened that impacts lenders is that the tax brackets have changed. What does this signify for lenders?
[6:12] The second change is that the standard deduction has gone up. This could be a good or bad thing, depending on your situation. Gibran explains further.
[9:41] Jennifer clarifies some aspects of the change regarding tax deductions. What benefits are there to itemizing, vs. opting for the standard tax deduction?
[16:15] The third change relates to the limitation on state and local taxes.
[20:50] The fourth point is a result of a change made to the college savings plan (529 plan).
[24:57] Change number five has made it better for real estate investors to make money in real estate!
[27:07] Was there any change in the capital gains tax for investors?
[28:10] What kind of changes have there been to deductions on the part of active investors?
[29:39] Gibran shares the changes that have come into place with regard to the acquisition indebtedness limit.
[35:45] The seventh change relates to home equity indebtedness.
[36:50] The last change has to do with the gift tax. Gibran explains how the gift tax works, and how it has changed.
[43:30] Jennifer clarifies the deductibility and non-deductibility of certain elements relating to mortgages.
[44:54] How would Gibran share the information about these changes with Realtors® and buyers?
[50:19] If you’re interested in becoming a CMPS, reach out to Gibran via email.
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