Unless Congress intervenes, many significant provisions of the historic Tax Cuts and Jobs Act of 2017 won’t apply for tax years beginning after December 31, 2025.
These temporary provisions include increased exemption thresholds for the estate and gift tax and alternative minimum tax; the qualified business income (QBI) deduction; increases to the individual standard deduction and Child Tax Credit; limits on deductions for state and local taxes and for mortgage interest; nondeductibility of miscellaneous itemized expenses; and the repeal of the Pease limitation on itemized deductions. The applicable statutes will revert to their pre-TCJA status.
Given this uncertainty, the time ...