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New Tax Bill And How It Affects Current And Prospective Homeowners
How Does the New Tax Bill Update Affect the Tax Benefits of Being a Homeowner?
Capital Gains Exclusion
(Big Win for Current and Prospective Home Owners)
The current law is left in place on the capital gains exclusion allowing $250,000 for an individual and $500,000 for married couples on the sale of a home. In addition, a homeowner is only required to live in their home for a minimum of 2 consecutive years out of the last 5 to qualify for this.
Mortgage Interest Deduction
The maximum mortgage amount for households deducting their mortgage interest has been decreased from $1.0 Million to $750,000. (Still a win from the proposed deduction to $500,000)
State and Local Tax Deductions
Property Taxes and state and local income taxes remain deductible, but have been capped at a combined amount of $10,000. The House and Senate bills tried to eliminating the state and local income tax deduction altogether. (This affects us in CA and other high cost areas more than other parts of the country with lower property taxes.)
**PLEASE NOTE--I AM NOT A CPA** Please contact your CPA or tax professional on how the new tax bill will affect you and your taxes.
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How Does the New Tax Bill Update Affect the Tax Benefits of Being a Homeowner?Capital Gains Exclusion(Big Win for Current and Prospective Home Owners)The current law is left in place on the capital