Listwithbest Real Estate Team

[SOLD] $2,200,000 Rainbow Dr, Cupertino, CA 4 beds 4 baths 2,036 sqft Thank you for your supports!... An incredibly contemporary and cozy single house located in the heart of Silicon Valley. With a total of 4 bedrooms, One bedroom is located on the first floor accompanied with its own walk-in closet and full bath. Upstairs lies 3 bedrooms with natural light flooding each room along with a spacious and home office with built-in shelves. The ample kitchen has its own built-in refrigerator. Built-in high definition audio speakers line the home for the comfort of its owners. This home provides countless of valuable qualities such as its new paint job, fresh carpet floors, high ceilings, and special molding. The meticulous details of the home range from its tile floors to wallpapers. There is an attached 2 car garage and extra guest parking. Top schools, convenient location, and being a past model home, this one is truly a special one of its kind. #kennyandjunteam #deboraandjunteam #listwithbest #listing #cupertino #singlehome #siliconvalley #bayarea #realestate #legacyrealestate #era @ Cupertino, California

Tax Reform Law Chart: Prior Law vs. New Law

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Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. With respect to individuals, the bill:... - Replaces the seven existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with four brackets (12%, 25%, 35%, and 39.6%) - Increases the standard deduction. - Repeals the deduction for personal exemptions. - Establishes a 25% maximum rate on the business income of individuals. - Increases the child tax credit and establishes a new family tax credit - Repeals the overall limitation on certain itemized deductions, limits the mortgage interest deduction for debt incurred after November 2, 2017, to mortgages of up to $500,000 (currently $1 million) - Repeals the deduction for state and local income or sales taxes not paid or accrued in a trade or business. - Repeals the deduction for medical expenses. - Consolidates and repeals several education-related deductions and credits. - Repeals the alternative minimum tax, and repeals the estate and generation-skipping transfer taxes in six years. For businesses, the bill: - Reduce the corporate tax rate from a maximum of 35% to a flat 20% rate (25% for personal services corporations). - Allows increased expensing of the costs of certain property, limits the deductibility of net interest expenses to 30% of the business's adjusted taxable income. - Repeals the work opportunity tax credit. - Terminates the exclusion for interest on private activity bonds, modifies or repeals various energy-related deductions and credits. - Modifies the taxation of foreign income, and imposes an excise tax on certain payments from domestic corporations to related foreign corporations. The bill also repeals or modifies several additional credits and deductions for individuals and businesses.

H.R. 1, Congressional "Tax Reform" Bill Dramatically Weakens Home ownership Incentives H.R. 1, Congressional "Tax Reform" Bill weakens the mortgage interest deduction. It caps the mortgage interest deduction to the interest on a mortgage principle of $500,000. Homeowners would no longer be able to deduct the interest they pay on home equity loans.... The deductibility would be eliminated for second homes and limited to loans on a family’s primary residence. Families build wealth through home ownership. According to a report by the Federal Reserve in 2016, homeowners amassed wealth at a greater rate than renters. Renters had a median net worth of $5,200 while homeowners had a net worth of $231,400. H.R. 1, Congressional "Tax Reform" Disproportionately Hurts Californians. - California is already a donor state, paying more in tax revenues to the federal government than it gets back. As a matter of fact, California ranks 42nd out of 50 states in the amount of federal spending per capita in the state. Now, without being able to fully deduct their state and local taxes, Californians will shoulder even more of the federal tax burden. Here’s What Else the Bill Does: Taxpayers won’t be able to deduct their student loan interest. Medical expenses won’t be deductible. Many small businesses won’t benefit. A Lot of small businesses that are classified as professional service providers won’t be able to get the lower corporate tax rate.