“We’re still reviewing the exact details of the 500-page bill,” says C.A.R. President Steven White, but what is known is that the limit for the mortgage interest deduction (MID) will be reduced from the current $1 million to $750,000 on mortgages for a first or second home, and the deduction of state and local tax […]
Client Tip: Sign Before Jan. 1 to Avoid Tax
Some home sellers would need a sale contract inked before the end of 2017 in order to avoid a big tax bill that would be imposed if the tax reform being proposed become law. Both the House and Senate bills would require sellers to have lived in their residence for a longer period of time–at […]
Size Matters in Trump Tax Plan
Some good news and some bad, depending on the size of your business President Trump’s nine-page tax reform proposal includes some features that might both help and hurt real estate. While much of the proposal is still a vague, below are highlights that pertain to real estate, or read the entire plan here. An analysis is […]
Trump Tax Proposal Impact on Homeowners
Analysts are examining who will benefit from the President’s Tax Reform proposal. Treasury Secretary Steven Mnuchin (right) said the plan will eliminate all personal tax deductions other than the mortgage interest deduction and charitable contributions. The tax plan would reduce individual and corporate income tax rates, from 35% to 15%, and repeal state and local […]