By, Rey Post, Associate Broker, Sotheby’s International Realty & Host of the “All Things Real Estate” Radio Show
September 29, 2017
Today, I recommend that those who wish to buy, or sell a home carefully follow developments over the coming weeks that relate to the tax reform plan just issued by the Trump Administration and a small group of U.S. House and Senate members.
Though details are still being worked out, some of the proposed elements to the plan—as the National Association of Realtors has stated—have the potential for effectively challenging, or erasing incentives for homeowners.
Specifically, both the doubling of the standard deduction and the elimination of local and state tax deductions, along with any change in the current mortgage interest deduction—if you bought a home using a loan—could inhibit the homeownership rate.
My recommendation is—if own a home, or wish to buy one—contact your Congressperson and U.S. Senators to express your views.
Put simply: Given the importance that buying and selling real estate plays in our economy, whateverCongress prepares in tax reform legislation that is then sent to the President for him to review and eventually sign into law, will have a significant impact on your life.
Follow the news on this issue and also join us each Sunday at the “All Things Real Estate” radio show (12-2pm Mountain Time on Santa Fe’s 1260 KTRC AM, or via streaming at the “Listen Now” link at ATREradio.com).