November 2017

Found 1 blog entry for November 2017.

House Republican leaders proposed a tax bill Thursday that would reduce the popular mortgage interest deduction by 50%, for some households. Currently, homeowners can deduct interest payments for mortgage loans up to $1 million. With the newly proposed bill this deduction would be preserved for existing mortgages, but would limit new purchase loans up to $500,000.  In addition, the rule allowing homeowners to deduct property taxes from their taxable income would be capped at $10,000.  If passed, the bill will most assuredly have a negative impact on housing and real estate nationwide.  In a statement, National Association of Realtors President William Brown said, "Eliminating or nullifying the tax incentives for homeownership puts home values and

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