COVID-19 is still creating a lot of uncertainty—which has many homeowners wondering whether now is a good time to sell their home.Well, as it turns out, now isn’t just a good time to sell your
How The 2018 Tax Changes Can Affect Your Mortgage
When the chatter was at its peak on the 2018 tax law changes being proposed, one of the big areas of concern for homeowners was the elimination of the mortgage interest deduction. Right behind that issue was a similar treatment with regards to property tax deductions.
As the rumors swirled and Congress moved, many feared both deductions had finally met their day and were going to be entirely eliminated, resulting in a major financial hit that many homeowners and particularly those in high real estate cost states would have felt painfully. As it turned out, there’s no reason to panic or suddenly dump titled real estate just because it has been bought with a mortgage.
Yes, both issues were impacted by the 2018 tax law changes, but neither the mortgage interest deduction nor the property tax deduction were eliminated entirely. Instead, they were modified.
The changes include:
So the changes did not wipe out any benefit entirely (except the personal exemption). Instead, the real impact depends on which change applies to a specific taxfiler’s situation.
This is why two homeowners in the same town with the same house and market value could end up having very different tax results with the 2018 changes. Because there is so much variance.
As always, work with a trusted tax professional in order to understand how these changes will affect your personal tax situation.
For More Info Visit: http://www.bondstreetloans.com
Jessica Rojas is an extremely dedicated and committed real estate agent who has been working in the Real Estate field since 1997. She became a licensed real estate agent in 2009 as a sales associate ....
Latest Blog Posts
When we think of real estate, we tend to think of the positives: a place to call our own, beautiful interior design, and—if ratings are any indication—all the wildly entertaining real estate TV
After putting their home search on hold during the height of the COVID-19 pandemic, buyers are returning to the market ready and eager to purchase a home. But the biggest challenge facing them in