Pub. 7 2018 Issue 2

February/March 2018 29 l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s 22316 Midland Drive Shawnee, KS 66226 913-390-1010 Fax 913-390-1515 NMLS # 194708 • A Kansas Licensed Mortgage Company #MC 0001182 • Missouri Residential Mortgage Loan Broker License # 10-1912 • Oklahoma Mortgage Broker # MB001953 • Colorado License # 100044344 High Tech Mortgage Solutions with Your Personal Touch Your customers don’t need a mortgage on a rocket. They need you! Most homebuyers like the idea of an online mortgage. But what they really need is a trusted local advisor to help them through the mortgage process. Your bank, supported by MISC, can give them all the high-tech features they expect, along with innovative loan products and the personal service only you can provide. For 17 years, Kansas bankers have partnered with MISC to serve their customers with accountable, high quality mortgage services. We know your community. We know you! Give us a call today! No rocket needed. 913-390-1010 . “I have had the privilege of working with Mortgage Investment Corp for many years. The expertise of the staff and their desire to help us, help our customers is exceptional. Mortgage Investment does a great job at providing fast solid approvals, and I appreciate that!” -Marna Handlin, Vice President / Union State Bank MO S S A DA M S .C OM / F I Assurance, tax, and consulting offered through Moss Adams LLP. Wealth management provided by Moss Adams Wealth Advisors LLC. Investment banking offered through Moss Adams Capital LLC. PRO SP ER I T Y R I S E S I N THE WE ST Discover how Moss Adams is helping community banks thrive. We’re committed to working with you to manage risk and grow operations with our accounting, consulting, and wealth management services. RISE WITH THE WEST. 2) Other Significant Bank Shareholder Changes • The TCJA provides several changes to itemized deductions starting in 2018: * The combined state/local income, real estate and personal property tax deduction will be capped at $10,000. * New mortgage indebtedness is capped at $750,000. Generally, home equity loan interest is no longer deductible. • Estate and gift tax: * For 2018, the estate tax lifetime exclusion and gift tax exclusion went from $5.6 million to $11.2 million (amount to be adjusted for inflation annually). * The increased lifetime and gift exclusion is set to expire on December 31, 2025. With most of the TCJA provisions going into effect in 2018, banks should consider accelerating deductions taken on the 2017 tax return or deferring income to 2018 to take advantage of potentially permanent tax savings due to the reduction in rates. The information presented isn’t meant to be an all-inclusive listing of all changes related to the TCJA. This article is for general information purposes only and is not to be considered as legal advice. This information was written by qualified, experienced BKD professionals, but applying this information to your particular situation requires careful consideration of your specific facts and circumstances. Consult your tax advisor or legal counsel before acting on any matter covered in this update. Article reprinted with permission from BKD, LLP, bkd.com . All rights reserved.