Anonymous

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3,165,046
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Not sure if even the signers of this know what is in it yet.

Dec 20, 2017 08:15 PM
Rainmaker
2,528,609
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Not sure I understand your question, but I believe it was changed to be up $750,000.  Not sure about timing, etc.  Ask an accountant...and they may not know yet until next year.

Dec 20, 2017 07:12 PM
Rainmaker
424,367
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Dec 21, 2017 06:59 AM
Rainmaker
4,000,830
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I haven't examined this to date.

Dec 21, 2017 06:42 AM
Rainmaker
636,266
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Desaster for HELOC's... and many wage-earners....

Dec 21, 2017 06:14 AM
Ambassador
1,279,380
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Talk to your friendly local lender.

Dec 21, 2017 04:48 AM
Rainmaker
2,164,526
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

You need to ask a mortgage lender this question... and I'm sure it's a bit premature to have all the answers as yet.

Dec 21, 2017 04:21 AM
Rainmaker
1,252,088
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

''Mortgage interest deductions: The new law caps the limit on deductible mortgage debt at $750,000 for loans taken out after Dec. 14. (Loans made before that date can continue to deduct interest on mortgage debt up to $1 million.) Homeowners can refinance mortgage debts that existed before Dec. 14 up to $1 million and still deduct the interest as long as the new loan does not exceed the amount refinanced. The interest on a home-equity loan can be deducted as long as the proceeds are used to substantially improve the home. Mortgage interest on second homes can be deducted but is subject to the $750,000 limit.''

 

my favorite part this: 

Estate tax: The law doubles the estate tax exemption to $11.2 million.

 

Doubles! Here we go...

Dec 21, 2017 12:01 AM
Rainmaker
802,472
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Try T-tax they have got this one done already.

Dec 20, 2017 10:12 PM
Rainmaker
736,053
Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

It has no effect in 2017.

Dec 20, 2017 09:30 PM
Ambassador
2,636,389
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I don't even care

Dec 20, 2017 09:10 PM
Rainmaker
1,416,268
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

I have no idea.

Dec 20, 2017 09:06 PM
Rainmaker
3,391,102
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

This is above my pay scale

Dec 20, 2017 08:39 PM
Ambassador
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Definitely a CPA question - and I would respond to all of my clients who ask that question the same exact way!

Dec 20, 2017 08:18 PM
Ambassador
3,408,933
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

That’s advice that needs to come from a CPA. I wouldn’t even consider a advising someone or suggesting a possible outcome.

Dec 20, 2017 07:29 PM
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I let my accountant figure that out for me and with my clients, I never, ever give accounting advice other than consult with your tax person.

Dec 20, 2017 07:22 PM
Ambassador
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Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   You need a CPA involved whenever a tax change of this magnitude occurs.

Dec 20, 2017 07:17 PM
Rainmaker
320,440
Diana Dahlberg
1 MONTH REALTY - Kenosha, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I would be contacting my CPA or my Expert Lender with this question.

Dec 20, 2017 07:16 PM
Rainmaker
4,016,209
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

ask your accountant....

Dec 20, 2017 06:07 PM
Rainmaker
4,345,379
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Read the new rules.

Dec 20, 2017 06:04 PM
Rainmaker
1,139,245
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Clueless.

Dec 20, 2017 05:51 PM
Rainmaker
989,132
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Best to talk to a CPA.

Dec 21, 2017 09:33 AM
Rainmaker
2,503,077
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I leave these matters to my CPA to guide me ... and I recommend my clients do the same.  

Dec 21, 2017 07:40 AM
Rainmaker
2,212,055
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The very act of looking at the answer to your question is the rule in play

Dec 21, 2017 07:19 AM
Rainmaker
2,686,368
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

C.P.A.

Dec 21, 2017 07:18 AM
Rainmaker
2,434,230
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

For many, no change. For some the limits will come into play!

Dec 21, 2017 05:31 AM
Rainmaker
614,325
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

In reviewing the 500 page Cliff Notes on the tax bill, the conclusion was those living in the big houses or high tax states get to pay more.

Those are the same states with extreme leftist views.

What's not to like?

Dec 21, 2017 05:31 AM
Rainmaker
457,757
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Another incentive to own a house free and clear

Dec 21, 2017 03:32 PM
Rainmaker
3,770,811
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I do not know

Dec 21, 2017 01:14 PM
Rainmaker
3,484,795
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

What Inna Ivchenko said.

Dec 21, 2017 10:57 AM
Rainmaker
2,498,348
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

It will not affect 99.9% of the homes here in NH. 

Dec 21, 2017 07:10 AM
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Yes, there will be a good impact for sure.

Dec 25, 2017 09:57 PM
Rainmaker
3,291,473
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Will have to check with a lender to get this information.

Dec 23, 2017 07:11 AM
Rainmaker
2,244,291
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Many good responses.

Dec 21, 2017 04:27 PM