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A small overview of the Tax Reform Act as it pertains to homeownership

Thu, Jan 11, 2018 at 11:35AM

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In an effort to stop the Tax Reform Bill from harming homeownership tax incentives, over 300,000 Realtors wrote, texted, called and emailed Federal Legislators.

Through their action, some last-minute changes to the Tax Reform Bill include the following:

Current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home.

The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill had sought a reduction to $500,000.

Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether

Copyright © 2018 Memory Hopkins Real Estate, All rights reserved.

Posted January 11, 2018


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