We knew these were coming: The legislation preserves the deductions for mortgage interest and charitable giving, though it lowers the cap on the mortgage deduction from $1 million to $750,000. Seeking to win over House Republicans from high-tax states, the conference...
Congress is expected to vote on the final version of the Tax Reform Bill next week. The terms being bandied about: The mortgage-interest deduction will remain, but only for loans up to $750,000 for future buyers, instead of $1,000,000. State and local income and...
Shiller is sticking with the irrational exuberance that plays into housing decisions - and I agree: The co-creator of the much-watched S&P/Case-Shiller home price index doesn't think the mortgage interest deduction really matters to the housing market. "It's not...
Reader Tim sent this in: Jim/All – do you have any thoughts on unintended consequences of the tax bills (as constituted)? You think there could be an impact from eliminating interest deduction on equity withdrawals with regard to the cash buyer market? Also wondering...
As long as the House and Senate can agree, it appears that the tax reform bill will include the existing tax incentives for home buyers (M.I.D. and property-tax deduction up to $10,000). The N.A.R. and C.A.R. aren't happy though, and are still fighting the fight....
Real estate spokespeople from N.A.R., C.A.R., Zillow, etc. keep saying that if tax reform removes the incentives for homeownership, prices would fall at least 10%. Then the Senate leaves the mortgage-interest deduction untouched, and adds back in the property-tax...
The Senate's version of the tax reform bill didn't include any changes to the mortgage-interest deduction, which keeps the limit at mortgages under $1,000,000. But the House limit was $500,000, and they still have to reconcile the two versions, so it's not done yet....
For tax reform to be implemented, our politicians will need to negotiate and compromise on the existing terms:
If I were a local politician, I'd like to preserve either the M.I.D. or the state and local taxes - or at least include the property-tax deduction up to $10,000 - and compromise on the other changes Use the slogan, "If California tanks, the whole country tanks!
We're breathing again - the Senate's version of tax reform doesn't change the mortgage-interest deduction, leaving the cap at $1,000,000: The mortgage interest deduction stays. The current mortgage interest deduction rules remain intact in the Senate plan: Americans...
