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Some Real Estate Highlights from the new Tax Bill!

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.

Lake Winnipesaukee home 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

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