New Tax Rules in the new Year


The GOP tax cuts bill signed by President Trump just before Christmas sent some taxpayers scrambling. But it was mostly in the eastern and western states.

Miami CPA Lydia Desnoyers says the new rules limit tax deductions.

"There's gonna be a $10,000 cap on the combined amount of your state income tax as well as property tax."

Houston CPA Scott Bishop of STA Wealth Management says the change didn't affect many Texans.

"The reason why it was so much more important on the east coast and the west coast is because their property values and their tax rates end up being much higher."

Texas has no income tax and property taxes are lower than in many high tax states like New York and California.

"In Texas it's typically much lower; if you have an average home of about $200,000 of value you'll probably owe about $6,000 in property taxes."

The new rules cap combined tax deductions at ten grand.


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