Many, but not all, individuals will see their tax bills decline starting in 2018. Tax rates are reduced and the standard deduction is nearly doubled. It is expected that taxpayers will begin to see the benefit in their paychecks starting in February 2018 (employees likely will be required to complete a revised Form W-4 that is not yet available). An explanation of various provisions will be provided in upcoming posts.
Real property in which 80% or more of the gross income is from dwelling units. Under MACRS, depreciation is claimed over 27.5 years under the straight-line method.