5 points of potential impact of tax reform bill for homeowners

Here are points that I understand to be primary areas of impact for homeowners from the new tax laws. I am not an accountant. Talk to your tax adviser for specific tax ramifications and advice for you.

1. Capital gains tax on the sale of your primary residence is still excluded on sales prices up to $250,000 for a single taxpayer and $500,000 for a couple
2. Interest on home equity loans can no longer be deducted unless the funds are used for significant home improvements
3. With the doubling of the standard deduction to $24,000 for a married couple, many households will no longer itemize deductions meaning they won’t see benefit from the mortgage interest deduction
4. Mortgage interest deduction is capped at $750,000 for new loans
5. Deductions for state and local taxes including property taxes, income and sales taxes  are capped at $10,000

Consult your tax accountant for specifics on how it will affect you.