Some Real Estate Highlights from the new Tax Bill!
Quotes from the National Association of Realtors. President Elizabeth Mendenhall issued the following statement:
"The results are mixed. We saved the exclusion for capital gains on the sale of a home and protected the mortgage interest deduction for second homes.
• Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.
• Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.
• State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether.
• Pass-through entities. The bill significantly reduces the effective rate of tax on business income earned by independent contractors and income received from pass-through entities. This change will lower the taxes of many real estate professionals.
Interested in New Hampshire Lake Homes call Lady of the Lake Realty at 1-888-737-5550, e-mail at info@nhlakesrealty.com or visit our websites to view lake homes in New Hampshire at www.nhlakesrealty.com to begin your search
Contact Carl Sack or Paula Hinckley both specializing in NH Lakefront Sales #nhlakesrealty
