This week House and Senate Republicans struck a tentative deal on the tax bill which could lead to a final vote on the measure as early as next week.
While many details regarding the tax plan are still forthcoming, some elements of interest to home owners and the real estate industry have leaked out, including: The mortgage interest deduction threshold — dropped to $500,000 in the House and left untouched in the Senate — would be set at $750,000 under the compromise bill; the State and Local Tax deduction component of the plan will be expanded beyond just property taxes to include income taxes, but will be capped at $10,000.
In addition, the current version reportedly would only allow one of the two taxes – either income or property – to be deducted in any given tax year.
Read More about the Home Ownership Dedections at Consumer Reports
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