Anonymous

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3,439,097
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
2,573,556
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
630,107
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Dec 21, 2017 06:59 AM
Rainmaker
4,306,642
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
670,014
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
1,389,152
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
2,439,534
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
1,356,051
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
861,161
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
815,202
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

It has no effect in 2017.

Dec 20, 2017 09:30 PM
Ambassador
2,720,593
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
1,489,547
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
3,619,707
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
2,584,012
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
3,610,321
Jeff Dowler, CRS
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
3,718,408
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
2,089,775
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
368,968
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
4,315,446
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

ask your accountant....

Dec 20, 2017 06:07 PM
Rainmaker
4,649,111
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Read the new rules.

Dec 20, 2017 06:04 PM
Rainmaker
1,160,572
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
1,079,176
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
2,596,326
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
2,279,353
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
2,962,208
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

C.P.A.

Dec 21, 2017 07:18 AM
Rainmaker
2,683,622
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
658,421
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
504,764
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
4,046,068
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
3,773,460
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

What Inna Ivchenko said.

Dec 21, 2017 10:57 AM
Rainmaker
2,664,726
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
4,062,975
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
3,563,091
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
2,388,030
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