By Mary Beth Lougen
Expat Tax Tools

On December 22, 2017, President Trump signed the Tax Reform and Jobs Act of 2017, which will provide the first significant reform of the U.S. tax code since 1986.

If you are a US person living outside the US, it is not likely you will be impacted in any meaningful way this tax season.

If you are residing in the US and itemize deductions, you have an opportunity to act now to lower your taxes this year and take advantage of deductions that will be disallowed in 2018 (see the section on property taxes below). Most of the changes will affect your 2018 tax returns, which leaves precious little time to act on the few provisions that can benefit you in 2017. Please read below and see the attached pdf for some of the key changes.

If you are a nonresident alien filing Form 1040-NR, you should expect to pay more tax starting in 2018 to the US due to the restriction on state and local tax deductions and the repeal of personal exemptions.

Download the CCH handout in PDF format.

Read the full article at American Expat Tax Services.