Tax Reform

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Last week, Congress introduced a “tax reform” bill in the House of Representatives. C.A.R. strongly OPPOSES this bill because it would harm homeownership in California. California is already becoming a renter state and this bill will further depress the homeownership rate.

Among the many ways this so-called “tax reform” bill will hurt real estate:

  • Cuts the mortgage interest deduction cap in half from $1 million to $500,000.
  • Homeowners would no longer be able to deduct the interest on home equity loans.
  • Eliminates state and local income tax deductions.
  • Caps property tax deductions at $10,000.
  • Requires five years instead of two for exclusion of capital gains tax on the sale of a primary home and is phased out at higher income levels.
  • Eliminates the mortgage interest deduction on second homes.

Source: California Assocation of Realtors

Category : Blog

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