Poland: Sound 2Q GDP But Investment Disappoints 1

Poland: Sound 2Q GDP But Investment Disappoints

SnapCPI in Poland increased to 2.9% YoY from 2.6%, relating to flash estimates. ArticleThe global building sector is as yet not known for innovation. Consumption remains the primary diver of GDP. Investment remains vulnerable, stat office promises methodological changes issues. Stay up to date with all of ING’s latest economic and financial analysis.

The second estimate of 2Q GDP verified a slight decrease from 5.2% to 5.1% year-on-year. Domestic demand, with the dominant contribution of the intakes (2.9 percentage points), is the primary driver of growth still. Public investment should remain solid, but it would be hard to anticipate steady growth of 30% YoY at the start of the entire year. Hence the revival of company investment outlays, including SMEs, is an important element which should help to improve GDP growth in approaching quarters.

In our opinion, the GDP development peaked in the first half of 2018. In 2Q18, we expect the average GDP development rate of 4.4% YoY credited to a slower pace of consumer spending and a lesser contribution of inventories. The contribution of net exports in the euroland should be slightly positive or close to zero. Still, a sound GDP outlook does not change the MPC’s dovish outlook (we see flat rates until 2020) as CPI in 2019 is unlikely to challenge the MPC’s target.

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1M of debt principal. 1M debts limit (but and then the extent of the then-remaining debts balance, and not any additional debt). Houses that were under a binding written contract by December 15th and shut by January 1st of 2018 are also eligible. 750k for the mixed acquisition indebtedness of the designated, and main, second home. Alternatively, the new TCJA rules eliminate the ability to deduct interest on home equity indebtedness entirely, effective in 2018. You can find no grandfathering provisions for existing-home equity debt. Which means used, the variation is no more between acquisition indebtedness versus home equity indebtedness, by itself, but simply whether mortgage debts qualify as acquisition indebtedness whatsoever or not.

If it does – based about how the dollars are used – it is deductible interest (at least to the extent the individual itemizes deductions). If the dollars are used for just about any other purpose, the home loan interest is longer deductible no. Though again, the determination is based not about how the loan is characterized, and structured, but on how the loan proceeds are used, and specifically, whether they’re used to obtain, build, or substantially improve the primary or second residence. In practice, this means that for most taxpayers in the years ahead, the mortgage interest will be “partially deductible”.

100,000 of debt principal could still be eligible as home equity indebtedness meant home loans that were at least “close” to being all acquisition debts were completely deductible when the acquisition and home collateral indebtedness limits were combined. Now, however, home loan interest is either deductible for acquisition indebtedness, or not deductible whatsoever.

Fortunately, assistance in IRS Publication 936 will at least provide mortgage interest calculator worksheets to determine how to apply primary payments with so-called “mixed-use mortgages” (where a part is acquisition indebtedness and some is not). 25,000 proceeds of the cash-out refinance to settle a few of his bank cards. 25,000 into his mortgage back.

25,000 of non-acquisition personal debt (that interest is not deductible). 25,000 of non-acquisition debt, or pro-rata against the whole loan balance? 25,000 of personal debt, or can be applied pro-rata to all or any of it! Just what exactly do you consider? How will the visible changes to taxes deductions for home loan interest under TJCA impact your clients? How are you interacting about these obvious changes with clients and prospects? Do these changes create any new tax planning opportunities? Please, share your ideas in the comments below!