What the New Tax Law Means for Homeowners
This article is my opinion only; please consult your tax preparer with all tax questions.
This quick guide is for informational purposes for home owners and the new tax law. Starting in 2018 our tax law will be going through many changes in personal taxes and as it relates to property. I have written below about the main points from the law that will directly affect your home and you.
-People cannot deduct more than $10,000 for state and local taxes, including taxes on income, property,
and real estate. Highest taxed states, like California, are hit the hardest as current deductions for many homes rise above the new $10,000 dollar deduction ceiling.
-Bill lowers the allowable mortgage-interest deduction and eliminates the deduction for all new home equity loans. Interest deduction drops for the current 1 million dollar limit to 750,000 dollars. Existing lines of equity will remain deductible.
– A doubling of the estate-tax exemption to just under $11 million for singles and $22 million for couples.
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