http://thecertifiedlisting.com/wp-content/uploads/2017/02/Certified-Listing-Logo-2-300x212.png 0 0 Fort Collins http://thecertifiedlisting.com/wp-content/uploads/2017/02/Certified-Listing-Logo-2-300x212.png Fort Collins2017-12-22 23:04:062017-12-22 23:04:06What it Means
The new tax bill is expected to be signed by the end of the year. Here is a summary of what it means for your real estate…
The new tax bill:
- Retains the current law for exclusion of capital gains on a principal residence. You still need to live in a home for 2 of the last 5 years to claim a capital gains exclusion. There was a risk that this would be changed to 5 of the last 8 years, but thankfully it did not.
- Reduces the limit of deductible mortgage debt from $1 Million to $750,000.
- Retains the ability to deduct mortgage debt on second homes.
- Allows for an itemized deduction of up to $10,000 for property taxes. When the bill was first introduced, there was no allowance for a property tax deduction.
- Retains the current 1031 like-kind exchange rules which is terrific news for investors.