Tax Cuts and Jobs Act | Explained

Originally called the Tax Cuts and Jobs Act, the new law (the Act) will be the most sweeping tax legislation since 1986.1
The following summarizes many of the key provisions of the Act that affect individuals and businesses. It should be noted that most of the provisions affecting individuals will sunset starting in 2026, while those affecting businesses are generally permanent. Here is some insight into some potential planning opportunities and considerations. Everyone should discuss with their tax and legal advisers how the Act will impact their individual situations.

Individual Income Tax
The Act retains seven brackets, but lowers the rates and increases the thresholds for taxable years 2018 through 2025 as follows:

Deductions. The following are the key provisions impacting individual income tax deductions, effective for taxable years 2018 through 2025:

– The standard deduction has been doubled to $24,000 for married couples ($12,000 for individuals) and the personal exemption is eliminated.

– Miscellaneous itemized deductions that were subject to the 2% floor (e.g., certain unreimbursed employee business expenses, tax related expenses and investment related expenses) are suspended.

Everyone should discuss with their tax advisers whether they can accelerate the payment of any items that would qualify as miscellaneous itemized deductions by year-end 2017.

– The overall limitation on itemized deductions is eliminated.

– The Alternative Minimum Tax (AMT) for individuals is maintained with a higher exemption level of $109,400 for married couples ($70,300 for individuals). Additionally, AMT exemption phase-out thresholds are increased to $1,000,000 for married couples ($500,000 for individuals). Given the increased exemption and phase-out thresholds as well as the limitation of certain itemized deductions, many taxpayers may find that they are no longer subject to AMT.

Anyone who holds incentive stock options (ISOs) may benefit from exercising those options in years when they do not have AMT liability.

– The deduction for state and local taxes (SALT) has been limited. Taxpayers can deduct up to $10,000 in the aggregate for property, income and sales tax. The Act states that taxpayers may not take a deduction in 2017 for prepayment of state or local income tax imposed for taxable years beginning after December 31, 2017.

Everyone should discuss with their tax advisers whether they could benefit from prepaying real estate taxes in 2017. Clients should also discuss whether they could benefit from paying unpaid 2017 state income taxes by year-end 2017.

– The mortgage interest deduction has been limited.

a) Taxpayers can deduct interest on mortgage debt up to $750,000 of acquisition indebtedness for a newly acquired principal or second home.

b) Existing mortgages are grandfathered up to the current $1 million limit. A mortgage will be considered grandfathered into the $1 million limit if: (1) with respect to a principal or second home, the debt was incurred on or before December 15, 2017, or (2) with respect to a principal residence only, (a) the taxpayer entered into a written binding contract on or before December 15, 2017 to close on the purchase of such residence before January 1, 2018, (b) the home is actually purchased before April 1, 2018, and (c) the debt is incurred on or before April 1, 2018.

If a mortgage incurred on or before December 15, 2017 is refinanced, the refinanced debt will also be considered grandfathered into the $1 million limit up to the amount of the original mortgage outstanding at the time of the refinancing, subject to certain limitations relating to the term of the indebtedness.

c) Interest on home equity loans or home equity lines of credit (new or existing) is no longer deductible.

Everyone should consult with their tax advisers regarding the deductibility of any new or refinanced mortgage indebtedness.

– The medical expense deduction has been retained. Such expenses are deductible to the extent they exceed 7.5% of adjusted gross income for 2017 and 2018. The adjusted gross income limitation increases to 10% in 2019 and thereafter.

– The child tax credit has been increased to $2,000 per child, refundable up to $1,400.

– For taxpayers who sign divorce agreements after December 31, 2018, alimony will no longer be deductible by the payor or taxable to the recipient. For existing agreements that are modified after that date, the parties may expressly choose to adopt this new rule. If they do not, alimony on agreements entered into before December 31, 2018 but modified after will continue to be deductible by the payor and taxable to the recipient.

Everyone should consult with family law counsel to determine whether a divorce decree may be modified to take into account the new tax law relating to alimony payments.

– The deduction for charitable gifts is retained and expanded to allow taxpayers to deduct up to 60% of their adjusted gross income for gifts of cash to public charities.

Taxpayers who are charitably inclined, but who will not have sufficient itemized deductions in future years to exceed the increased standard exemption may wish to make a large charitable gift prior to year-end in order to maximize the charitable income tax deduction in 2017. For the same reason, in future years, taxpayers may also benefit by bunching multiple years of charitable gifts into a single year. This strategy may work particularly well for anyone who gives annually as they may contribute the charitable sum to a Donor Advised Fund (DAF) and then make grants periodically in future years according to their original giving plan.

– The personal theft loss deduction is repealed and the personal casualty loss deduction is limited to losses incurred in disaster areas.

– Moving expenses are only deductible for individuals who are on active military duty and move pursuant to a military order.

Other provisions

529 Plans expanded. Effective for distributions made after December 31, 2017, 529 accounts may distribute up to $10,000 per student per year for tuition at a public, private or religious elementary or secondary school.

Carried interest. Any capital gain recognized by a taxpayer upon the sale or exchange of an "applicable partnership interest" that was received in connection with the performance of services will be treated as short term capital gain unless the taxpayer has held the partnership interest for at least three years. The language of the Act also suggests that a taxpayer's share of capital gain attributable to the sale of an underlying asset held by the partnership for less than three years will be treated as short term capital gain. Finally, the Act appears to contain anti-abuse rules intended to prevent the taxpayer from transferring the partnership interest to a related party in order to circumvent these provisions.

Repeal mandate for individual health insurance. The law imposing a penalty on individuals who don't purchase health care insurance coverage is effectively repealed by reducing the penalty to zero. This change does not take effect until 2019.

1031 exchanges. The law continues to permit the deferral of taxes on the proceeds of the sale of real property when those proceeds are properly reinvested in similar property ("like-kind exchanges"). Beginning in 2018 this deferral is not available for other types of property.

Roth IRA re-characterizations. Beginning in 2018, a conversion from traditional IRA to a Roth IRA can no longer be re-characterized back to the traditional IRA.

Provisions impacting individuals that were NOT affected by the Act

The following are items that were proposed and discussed but are NOT affected by the Act:

– Treatment of sale or disposition of a partial position of securities (investors may still choose specific shares or lots to sell and will not be required to use FIFO treatment)

– Tax free treatment of employer sponsored health insurance

– Tax free treatment of graduate student tuition waivers

– Deduction for student loan interest

– Exclusion of gain from the sale of a principal residence remains at $250,000 ($500,000 for married filing jointly) and the home must have been occupied 2 out of the last 5 years)

– The 3.8% tax on net investment income is retained.

*In both years, the couple made their charitable contribution with appreciated securities held long-term. The cost basis of these securities was $2,000. The couple avoided paying capital gains or net investment income taxes on the $8,000 of appreciation. The new law continues to allow the couple to designate which shares they are donating to the charity, rather than requiring the earliest-purchased shares to be used (as was proposed in the Senate's version of the bill).

Additionally, if the couple had a mortgage on a primary residence with $40,000 annual interest due, the picture would change as below:

It is now worthwhile for the couple to continue to itemize, but they have still lost the economic benefit of some of their deductions (most notably state and local income taxes). Some benefit is regained because the limitation on itemized deductions does not apply.

Estate and gift tax

Estate and gift taxes remain a part of the U.S. tax code, however, the exemptions have been doubled to $11,200,000 per transferor in 2018 ($22,400,000 for married couples). Inheritors will continue to receive the benefit of a "step up in basis" on assets included in a decedent's estate to date of death value. The gift tax annual exclusion rises to $15,000 per year per recipient (this is not a change from current law – simply happens due to inflation adjustment).

Sunset. This provision "sunsets" for decedents whose deaths occur after December 31, 2025. On January 1, 2026, the estate and gift tax exemption will revert to $5 million per person, adjusted for inflation after 2011.The Act directs that regulations be implemented to prevent the additional exemption used from being "clawed back" at death, even if the increase in exemption sunsets as it is scheduled to do.

State estate taxes. Many states assess their own estate taxes, and those state estate tax systems will not be affected by the Act. Anyone who lives in states with a state estate tax may want to consider making lifetime gifts since the federal exemption amounts sunset. In doing so, however, taxpayers should also consider whether the potential estate tax savings of lifetime gifts outweigh losing the "basis step-up" for assets held at death.

On the death of the first spouse, many estate plans call for the creation of a trust funded with the maximum amount that can pass free of federal estate tax. The doubling of the federal estate tax exemption could result in a significant (and surprising) state level estate tax. Taxpayers should consider whether a revision to their estate plan is appropriate. The following table reflects how much state estate tax would be due in each state that has an estate tax, assuming death on January 1, 2018 for taxable estates of $11.2 million and $22.4 million.

1- Some state exemptions are adjusted annually by inflation and those 2018 adjustments may not be reflected in these results.

2- The Connecticut exemption is set to match the federal exemption amount starting January 1, 2020. Note that Connecticut is the only state that imposes a state level gift tax.

3- Uses an exemption equal to the federal exemption. Consider whether the state may change its approach in light of the new federal exemptions.

4- The New York exemption is set to match the federal exemption amount starting January 1, 2019.

5- Inheritance tax assuming children are the beneficiaries.

Provisions affecting businesses
Corporate income tax rate. The corporate income tax rate is permanently lowered to 21% beginning in 2018.

AMT. The corporate alternative minimum tax is repealed beginning in 2018.

Pass Through Companies. Individuals, trusts and estates are allowed to deduct 20 percent of "qualified business income" (as defined in the statute) received from a "pass through" company. S corporations, LLCs, partnerships and sole proprietorships are all examples of pass throughs. At a 37% top federal tax rate, the 20% deduction approximates a 29.6% marginal federal rate, but is subject to many limitations. Only domestic business income qualifies. Deductibility is restricted for taxpayers above $315,000 for married taxpayers filing jointly and $157,500 for individuals (indexed for inflation).

Above these thresholds some of the limitations to this deduction include:

a) The deduction cannot exceed the greater of

1. 50% of W-2 wages paid by the qualified business, or

2. 25% of wages paid plus 2.5 percent of the unadjusted basis of tangible depreciable assets used in the business. Note: this provision allows real estate business with large capital investments but low wages paid to employees to still take advantage of the deduction.

b) The deduction is not available for "specified service business" including:

1. Health

2. Law

3. Accounting

4. Actuarial science

5. Performing arts

6. Consulting

7. Athletics

8. Financial services

9. Brokerage services

10. Businesses in which the principal asset is the reputation or skill of one or more of its employees or owners

11. Businesses involving the performance of services that consist of investing and investment management trading or dealing in securities, partnership interests or commodities

c) Multiple businesses are aggregated and the deduction is allowed against the total net qualified business income.

Qualified business income specifically excludes investment income such as long-term capital gains, dividends, interest income (other than when properly allocable to a trade or business), and amounts received under an annuity contract.

Sunset. The provision affecting pass through entities "sunsets" for tax years beginning in 2026.

As a result of this new deduction for pass throughs on qualified business income, taxpayers should consult with their tax advisers to see if they could take advantage of this provision for their pass through businesses. In addition, clients in states with higher state income tax rates may consider with their tax advisers whether they should reorganize their business as a C corporation as opposed to an S corporation or other pass through entity. The SALT deduction remains available to C corporations without the limitations imposed on individuals. Any analysis should take into consideration the double taxation of C corporations when making dividends to shareholders, the potential for trapping appreciated property in a corporation, and the sunset provision of the pass through rules under the Act.

MLPs. Master Limited Partnerships qualify for the tax reduction associated with small businesses and pass through entities under the new law. That would mean the annual net income would benefit from that deduction and that the distributions after an investor's tax basis is zero would benefit.

International. The text changes the taxation of foreign based income from a worldwide income system to a territorial based system, including deemed repatriation with tax at 15.5% tax on cash and equivalents and 8% on illiquid assets.

Courtesy of UBS

Adults Only Resorts in Florida

These are the best adults-only getaways in Florida.

Ditch the kids, ditch the bikini top (and trunks, fellas), and get sexy.

Perhaps you’re fleeing from the oncoming damp, icy winds, and the exhaustion that tends to accompany entertaining bored kids on a snow day.
Maybe you even live in the Sunshine State and need a sexy weekend to reconnect.
Whatever your reasons for wanting a respite from children, pair it with some sunshine and you’ve got yourself a real vacation.
Florida with its continuous sunshine has plenty of places to satisfy your desires. While few resorts bear the exclusivity of a truly adults-only, these resorts cater to those looking for an experience beyond the compound of an all-inclusive abroad.
We invite you to start dreaming of a sexy adults-only Florida resort getaway!

The Standard, Miami

Hydrotherapy in a Chic Miami Beach Escape

The Standard Miami Room

If you truly seek a break from the outside world and want to indulge in a seemingly limitless amount of spa time, head to The Standard Miami. The boutique hotel pays homage to communal bathing rituals through its indoor/outdoor adult hydrotherapy playground where you can spend your day moving from cold plunges to mud baths to soothing jacuzzi bubbles. Let your hydro session follow up your holistic stretch spell with expert yogisand pilates teachers, and you’ll be sure to feel the kind of clarity only sweating it out can provide.
The Standard Miami Yoga
Inside the rooms, water remains an outstanding feature in the deep soaker tubs, some inside the subway tile bathrooms complete with rainfall showers, while others lay out on the terrace hidden from neighboring views. With its 21-plus age restriction, you can be assured fellow guests are seeking the same serenity.

Shoreline Island Resort, Madeira Beach

An Oasis of White Sands and Turquoise Water
Shoreline Island Resort Hotel Room

Perched on top of a 400-foot sparkling white sand beach, the Shoreline Island Resort is a dream come true for over 21’s wanting to maximize on sun time, beach walks, and skinny dips on their vacation.
Prefer to lounge poolside? The pool deck offers the same alluring beach and ocean views, minus the discomfort of grit between skin and swimsuit. The same sweeping turquoise water vistas can be enjoyed from the comfort of your room.
Shorelin Island Resort Hotel Balcony
Free WiFi is offered across the property and a complimentary continental breakfast is served to guests every morning. If you get bored of that impossibly beautiful beach, nearby St. Petersburg, Tampa, and Clearwater offer the museums, fine dining, and golf courses that will keep you suitably occupied– and out of the sun if you’re nursing a sunburn!

The Southernmost Inn, Key West

Classic Key West
Southernmost Inn Key West Florida

For those who want to party by night but aren’t willing to give up on the idea of a calm oasis by day, the Southernmost Inn is a short walk from the raucous bars of Duval Street but tucked away among the quaintest of Key West’s historic buildings.
Southernmost Inn Key West Florida Pool
The Inn was once a cigar factory and retains emblems of its past in details like the tobacco-sorters’ bay windows and broad sun porches. An urban tropical garden surrounds the two pools and accompanying jacuzzis and an outdoor bar serves up beverages in the sun with a happy hour — drawing in most guests to mingle. A free breakfast is also dished out in a colonial-style wood-paneled breakfast room every morning.

The Grand Resort and Spa, Fort Lauderdale

Speedos and Sunshine
Grand Resort and Spa Massage
Courtesy of The Grand Resort and Spa
The Grand Resort and Spa in Fort Lauderdale has won numerous accolades as one of the best global all-inclusive resorts, often being the only gay exclusive property on the list. For gay men visiting the sunshine state, your teeny weeny, yellow polka dot speedo will be more than welcome.
Grand Resort and Spa Hot Tub
Courtesy of The Grand Resort and Spa
If you’re looking to lose the tan lines, nude sunbathing is welcome in the courtyard. Nearby the resort, you’ll also find several gay-friendly beaches.
The upscale resort also has a large lap pool and a spa with treatments designed with the male in mind. Free breakfast and plenty of complimentary amenities like cocktail hours, mimosas and beach chairs and umbrella rentals should seal the deal on booking your gay getaway.

Casa Morada, Islamorada

Regain Your Balance
Casa Morada Islamorada Room

If your version of serenity is simplicity, the Casa Morada’s minimalist ethos is the perfect remedy. The boutique property operates only 16 oceanside suites with ages 16-plus welcomed to the calm of Islamorada’s natural vegetation. The island’s assets are best enjoyed from aboard a kayak (keep an eye out for manatees bobbing along!) or bike, both available for free rental to guests.
Casa Morada Islamorada Pool
The heated freshwater pool is nestled straight into the bay and is joined by plenty of shaded hammocks designed to lure you into lazy afternoon naps. For those looking to regain some physical and mental balance while they unwind, Casa Morada offers free yoga classes on Saturday and Sunday mornings. The hotel can also arrange for activities like sport fishing, snorkeling, and tours of the Everglades.

H20 Suites, Key West

Hideaway in the Heart of the Keys
H20 Suites Key West Florida

While located in Old Town Key West, the H20 Suites were designed to keep you inside and they make it easy, courtesy of personal wet bars and private plunge pools in the Deluxe Luxury suites.
H20 Suites Key West Pool
We would label the property’s stylish design an ‘oasis of luxury,’ complete with a rooftop pool and lounge area that catches every minute of the sun’s rays and an accompanying bar serving up delicious cocktails.
Concierge service can help book any activities that might tickle your fancy and views from the rooms point towards tropical foliage that shades many of the expansive balconies and their accompanying private pools from view.

Hoyt House Inn, Fernandina Beach

A Gourmet Bed & Breakfast

Hoyt House Inn

An appreciation for the finer things in life only comes with age, and at the Hoyt House Inn, you’ll be able to enjoy this luxury in peace. Your holiday home is housed in a Queen Anne mansion dating back to 1905 and surrounded by old growth oak trees. Breakfast is a three-course extravaganza, with buffet appetizers and six entrees to chose from every morning.
Hoyt House Inn Room
Hoyt House is located on the lovely Amelia Island where the Atlantic laps the white sand shores and the idyllic surroundings are sure to lend their influence in shaping your perfect, relaxing holiday. You’re just a short ride aboard one of the complimentary bikes into a town dotted with antique shops and art galleries. The nearby beaches can be explored by swimming laps among the waves or even trotting alongside the surf on horseback.

Vitiano, maison de charme. Investment opportunity in the heart of Italy.

Scrivetemi per ulteriori dettagli

The property of PODERE VITIANO is located on 
one of the highest peaks of the hills 
surrounding Orvieto, a medieval hilltop town 
about 60 miles north of Roma, and hidden in an 
oak and olive tree wood. 
It began as a stone tower, dating approximately 
from the year 1000, a classic military outpost 
for sighting and defense of the underlying 
valley, an obligatory passageway to Roma. 
PODERE VITIANO, in its slow journey through 
centuries mirrored the events of local history 
and of Umbria , changing in response to 
First it was a military outpost, then a residence 
of nobles and clergy and lastly a farmhouse. 
During these times, the master house and the 
guest rooms were added to the TOWER. 
A conservative restoration has been done by the actual owner. Property 
The stone walls, terracotta floors, the wooden ceilings, are all made with original or 
recuperated materials and they contribute to the elegant atmosphere of these sites, where 
time seems to flow more slowly, without the hustle and bustle of modern times. 
The road to PODERE VITIANO is private and runs through an oak wood that is century old. 
The surrounding land is 20.000 square meters of olive and oak trees, orchards, woods, lawns 
and the aroma of rosemary fills the air. 
The Tower holds a suite of extraordinary beauty, made up of 
3 floors. 
First floor is a reading room and a leisure area that also 
includes a small but well equipped kitchen area. 
The view of the Orvieto Valley from the panoramic window 
is unique. 
Second floor has the double bedroom and bathroom with 
shower. The bathroom features hand‐made bricks. 
Third floor is a private terrace, solarium and panoramic 360° 

Pied-à-terre in Miami Beach

Give the gift of luxury and location to your loved one this holiday season

A must see! Currently rented.Recently redone, all pristine unit in an art Deco building in South Beach,PRIME LOCATION. One bed one bath remodeled apartment in the heart of Miami Beach. Furniture included, make it your Pied-à-terre in South Florida!

1526 Pennsylvania Ave #16
Miami Beach, FL 33139

Art Basel 2017 Cool kids' calendar

Miami Art Week is here!

Thousands of people come to Miami and enjoy the 20 satellite art fairs that are in the city introducing the most important works of contemporary art of this era.
So we created a guide with the most important events for this week. Check it out right here:
Dec. 4-6: Miami River Art Fair, James L. Knight Center, 400 SE Second Ave., Miami; 973-270-7774 or
Dec. 5-9: Prizm Art Fair, Mana Downtown, 145 E. Flagler St., Miami. 954-372-6241 or
Dec. 5-10: Context / Art Miami, Context / Art Miami Pavilion, One Herald Plaza at NE 14th Street, Downtown Miami, on Biscayne Bay between the Venetian & McArthur Causeways, Miami; 800-376-5850 or
Dec. 6-10: Ink Miami Art Fair, Suites of Dorchester, 1850 Collins Ave., Miami Beach;
Dec. 5-10: Scope, Scope Miami Beach Pavilion, 801 Ocean Dr., Miami Beach
Dec. 5-10: Art Miami, Art Miami Pavilion, One Herald Plaza at NE 14th Street, Downtown Miami, on Biscayne Bay between the Venetian & McArthur Causeways, Miami; 800-376-5850 or
Dec. 6-10: Aqua Art Miami, Aqua Hotel, 1530 Collins Ave., Miami Beach; 800-376-5850 or
Dec. 6-10: Pinta Miami, Mana Wynwood, 2217 NW Fifth Ave., Miami.
Dec. 6-10: Untitled, Art, along Ocean Drive at 12th Street, Miami Beach; 646-405-6942 or
Dec. 7-10: Art Basel Miami Beach, Miami Beach Convention Center, 1901 Convention Center Dr., Miami Beach; 305-674-1292
Dec. 7-10: New Art Dealers Alliance (NADA), Deauville Beach Resort, 6701 Collins Ave., Miami Beach; 212-594-0883
Dec. 7-10: Pulse Miami, Indian Beach Park, 4601 Collins Ave., Miami Beach; 212-255-2327 or



This is a spectacular unit with an amazing outdoor living area

  • Price$1,575,000.00
  • Unit NumberPH2
  • Bedrooms2
  • Bathrooms2
  • ½ Bathrooms0
  • Size1,844 sq.ft
  • Year Built1962


Rare Penthouse in Belle Plaza on Belle Isle. Enjoy the stunning sweeping direct-bay & ocean views from every room. Massive terrace, of almost 400 sf, is a great place to relax. Spacious, fully-renovated unit features custom kitchen with high-end appliances, granite counter tops and bar for dining. Other features include: beautiful Brazilian Cherry wood floors, impact windows & sliding doors, spacious baths & bedrooms, & large walk-in closets. Enjoy Belle Plaza's amenities: heated bay-front pool & jacuzzi,


Bike Storage

Boat Dock
Bbq/Picnic Area
Common Laundry
Exercise Room
Extra Storage
Spa/Hot Tub
Trash Chute
Closet Cabinetry
Cooking Island
Walk-In Closets
High Impact Doors
Open Balcony
Tennis Court