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The Cut | February 2018

The New Tax Bill & The New Year

The new tax regime will fundamentally alter the benefits of home ownership by nullifying incentives for individuals and families while keeping those incentives in place for large institutional investors. That should concern middle-class families looking to claim their piece of the American Dream.

Tax Bill Overview

  • Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gain exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and Senate had sought to make it harder to qualify for the exclusion.

  • Mortgage interest deduction. The maximum mortgage amount for households deducted their mortgage interest has been decreased to $750,000 from the current $1 million limit. The house bill sought a reduction to $500,000.

  • State and local tax deductions. Both property tax and state local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether.

  • Pass-through entities. The bill significantly reduces the effective rate of tax on business income earned by independent contractors and income received from pass-through entities. This change will lower the taxes of many real estate professionals.

If We Were You, We Would Buy This

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Paramount bay 2602 | 3 Bed | 3.5 Bath | $1,899,000

Spectacular high-floor corner unit at the beautiful Paramount Bay. Envisioned by Lenny Kravitz, Paramount Bay's distinctive residential living experience represents the epitome of refined, cool, sophistication, pleasure and peace. This gorgeous unit is a 3 bedroom, 3.5 bath plus Den. Marble floor throughout. Each bedroom has its own private balcony with spectacular views. The building offers a distinctly resort style feel with a roster of luxurious amenities such as 24hr Front Desk, Valet Parking, 2 Pool Decks, Cabanas, Spa, Fitness Center and much more. These upscale building amenities provide a one of a kind living experience.

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We're Excited About This...

South Beach Wine & Food Festival 2018

The South Beach Wine & Food Festival is a national, star-studded event showcasing the talents of the world's most renowned culinary personalities. The festival now attracts more than 65,000 guests annually to its 85+ events throughout the five-day weekend, which takes place at various locations throughout South Florida. Looking forward, the 17th annual festival will take place February 21-25, 2018 and will once again feature internationally renowned talent and leaders of the hospitality industry at uniquely crafted events showcasing world-class wine, spirits, food, and fun.

About the Festival