Housing Industry Unites Against Republican Tax Plan #mortgage #realestate #investment #finance

Source:  HousingWire

The Tax Cuts and Jobs Act will slash the mortgage interest deduction in half from $1 million to $500,000, double the standard deduction and reducing the capital gains exemption, allowing homeowners to deduct profits from a home sale only once every five years, instead of two.  And the mortgage industry is uniting against the bill.

An analysis shows Californians could get hit the hardest under the new tax plan, so it is no surprise the California Association of REALTORS announced its preliminary concern with the tax plan.

"We are currently reading through the bill proposed today to determine the exact impact it will have on California homeowners and its housing market," CAR President Geoff McIntosh said.  "From what we have seen so far, limiting the mortgage interest deduction to $500,000 will no doubt hurt home homeownership in states with high housing costs such as California."

The National Association of REALTORS agreed with the California chapter's response, saying Realtors cannot support a bill that could hurt homeownership.

*** Do you or anyone you know have any real estate questions or needs?  Email me if you do: 
Felicia Jones, Realtor
Keller Williams Realty, BRE# 01977033
homesbyfelicia@kwrealty.com

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