Tax Reform 2018

By
Real Estate Agent with Fonville Morisey-CRS-SRES-ABR-GRI-E-Pro-CREN Cary, NC 228537

Tax Reform for 2018

 

  Tax Law Through 2017 New in 2018

Mortgage Interest Tax Deduction

Homeowners were able to deduct mortgage interest up to a combined $1 million on a primary residence and second/ vacation home. Mortgage interest deductions have been reduced to a combined $750,000 of loan debt for primary residences and second/vacation homes
Property Tax Deduction Homeowners could deduct the full amount for their local property taxes, as well as the full amount of either their state income or sales taxes. Deductions for property taxes, as well as state income or sales tax, are now capped at a combined $10,000
Home Equity Tax Deduction Homeowners could deduct interest on home equity debt up to $100,000, even if those loans were used to fund expenses other than home improvement, like a child’s college tuition. Homeowners can take an interest deduction up to $100,000 of home equity debt only if the loan is spent on the home
Moving Expense Tax Deduction Home buyers could deduct reasonable moving expenses if certain requirements were met. Moving expenses are no longer tax deductible
Capital Gains Tax Exclusion This exclusion allows married filers to exclude up to $500,000 when selling their primary home, as long as they’ve lived there 2 of the past 5 years The capital gains tax exclusion remains the same

Thanks Denee Mueller!

Are you ready to Sell? Ready to Buy? Call me Today! The Triangle Real Estate Market is Ready for you! Your Triangle Relocation Specialist & Certified Residential Specialist~

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Sharon Kowitz
www.kowitzrealty.com

Relocation Certified Specialist
Broker/REALTOR
Gold Sales Club - Top Producer
CRS-GRI-ABR-E-Pro-SRES-LHMSM-CREN

Cell: 919-417-4367
skowitz@fmrealty.com

 

 

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Rainmaker
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Carol Williams
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I like the side-by-side comparison.  Thanks!

Feb 13, 2018 05:37 PM #1
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