THIS IS NOT A POLITICAL POST!!
So you have probably heard the OBBBA was passed and you may be interested to hear there are some great pieces to help support Real Estate and Homeownership.
1) SALT: A few years ago when Federal Tax laws changed it limited State and Local Taxes as a write off to a measly $10,000. In higher tax area's that severely limited the taxes that homeowners could write off. The SALT limit has been temporally increased from $10,000 to $40,000 until 2029 adding back tax deductibility that many of us lost.
2) PMI as a write off: The Mortgage insurance write off is now permanent. So if you will be confident in knowing that you will not lose that write off if you are eligible. This reduces the effective cost of MI for low down payment loans.
3) Mortgage Interest Deduction: This was also made permanent with the Mortgage interest deduction cap at $750,000 in acquisition debt.
All of the above have the potential to make homes more affordable.
**CONSULT YOUR TAX ADVISOR: There will always be cases where a standard deduction might be better than itemized deductions or where write offs are no longer eligible at certain income levels.
If you are interested in following me on social media, I am on just about every platform as @RobRauf or @RobertRauf
If you are looking to purchase or refinance a home in NJ, please give me a call, I can also help you in all 50 states, CMG is licensed throughout the country.
Robert Rauf
Mortgage Loan Originator NMLS# 248937
http://www.RobertRauf.com
or my blog: http://activerain.com/blogs/rrauf
Cell (732)740-0175
RRauf@CMGhomeloans.com
www.RobertRauf.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! CMG Home Loans is located at 222 Commons Way Toms River, NJ 08755. NMLS #1820. Visit www.RobertRauf.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721,
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