A tax planning question about the proposed GOP tax plan

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jimmyrules712
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A tax planning question about the proposed GOP tax plan

Post by jimmyrules712 » Thu Nov 02, 2017 5:21 pm

In the proposed GOP tax overhaul they are eliminating the adoption tax credit. My wife and I are planning to adopt soon and were counting on that credit to help pay for the expense (expected cost at $25k, credit is worth $13k). If these changes do get voted into law this year would they go into effect next year? So if we don't adopt by the end of this year then we would miss the window?

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David Jay
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Re: A tax planning question about the proposed GOP tax plan

Post by David Jay » Thu Nov 02, 2017 5:23 pm

No can do - no commenting on proposed legislation on the BH forum.
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jimmyrules712
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Re: A tax planning question about the proposed GOP tax plan

Post by jimmyrules712 » Thu Nov 02, 2017 5:35 pm

David Jay wrote:
Thu Nov 02, 2017 5:23 pm
No can do - no commenting on proposed legislation on the BH forum.
I can't ask how the proposed legislation would affect me, even if the impact requires that I take action right now?

adamthesmythe
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Re: A tax planning question about the proposed GOP tax plan

Post by adamthesmythe » Thu Nov 02, 2017 5:36 pm

It's WAY too early to be asking about moves to make in response to legislation which is certain to change. If it ever passes at all.

Lars_2013
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Re: A tax planning question about the proposed GOP tax plan

Post by Lars_2013 » Thu Nov 02, 2017 5:37 pm

According to the current version of the House bill, yes, that provision goes into effect for taxable years beginning after December 31, 2017. https://waysandmeansforms.house.gov/upl ... l_text.pdf

I will refrain from commenting on the likelihood of that provision remaining in the bill, since this thread is already violating the rules.

tibbitts
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Re: A tax planning question about the proposed GOP tax plan

Post by tibbitts » Thu Nov 02, 2017 6:05 pm

It's way too early to be speculating about proposals... there's a place for that but not here.

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neurosphere
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Re: A tax planning question about the proposed GOP tax plan

Post by neurosphere » Thu Nov 02, 2017 6:12 pm

jimmyrules712 wrote:
Thu Nov 02, 2017 5:35 pm

I can't ask how the proposed legislation would affect me, even if the impact requires that I take action right now?
That's correct, those happen to be the board rules. And, those rules have proven themselves to be a good idea.

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LadyGeek
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Re: A tax planning question about the proposed GOP tax plan

Post by LadyGeek » Thu Nov 02, 2017 6:45 pm

This thread has run its course and is locked. Speculation about future legislation is prohibited by forum policy, see: Unacceptable Topics
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The whole point of the policy is to (1) eliminate contentious disagreements that result from these discussions and (2) keep investors from making bad decisions. Proposed regulations change many times between the time they're introduced and signed into law.

The disagreements will indeed occur, which is more work for the moderators and results in locking the thread. See: Yellen: "We're taking a look at negative interest rates."

This thread is left visible as an example of an unacceptable topic.

Also see: Political comments and proposed tax plan remain off-topic
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