IS THE NEW TAX BILL GOING TO AFFECT YOU?
First and foremost we want to wish you a Happy New Year from our family to yours. Our desire for the New Year is to help as many families as we can with their most important investment, their home. We’ve helped hundreds of families over the years and we’d love the opportunity to serve you this year!
We know that there are many homeowners out there that are considering making a move in 2018. There are a lot of interesting changes to tax laws that may have an impact on your residential real estate property. Below is a quick summary of some of the changes that may affect you. There is more to this tax bill but this the information below deals specifically with how this bill will affect residential real estate.
If we can help you with any decisions you are making this year with your property please call us. We’d love to serve you!
Provisions Potentially Impacting Residential Real Estate
1. The Act caps the deduction for state and local property (and income and sales) taxes to $10,000 per year. This cap does not apply, however, to taxes incurred in a connection with a trade or business.
2. The bill also (i) limits the deduction for interest incurred on debt used to acquire, construct or improve a principal residence to interest on up to $750,000 of debt (down from $1,000,000) and (ii) eliminates the deduction for interest on home equity debt. These caps apply beginning in 2018, but are scheduled to expire after 2025 under the Act, unless renewed before then.
IS THE NEW TAX BILL GOING TO AFFECT YOU?
First and foremost we want to wish you a Happy New Year from our family to yours. Our desire for the New Year is to help as many families as we can with their most important investment, their home. We’ve helped hundreds of families over the years and we’d love the opportunity to serve you this year!
We know that there are many homeowners out there that are considering making a move in 2018. There are a lot of interesting changes to tax laws that may have an impact on your residential real estate property. Below is a quick summary of some of the changes that may affect you. There is more to this tax bill but this the information below deals specifically with how this bill will affect residential real estate.
If we can help you with any decisions you are making this year with your property please call us. We’d love to serve you!
Provisions Potentially Impacting Residential Real Estate
1. The Act caps the deduction for state and local property (and income and sales) taxes to $10,000 per year. This cap does not apply, however, to taxes incurred in a connection with a trade or business.
2. The bill also (i) limits the deduction for interest incurred on debt used to acquire, construct or improve a principal residence to interest on up to $750,000 of debt (down from $1,000,000) and (ii) eliminates the deduction for interest on home equity debt. These caps apply beginning in 2018, but are scheduled to expire after 2025 under the Act, unless renewed before then.
