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.
