REY’S REAL ESTATE RECOMMENDATION
NOVEMBER 19, 2017
By Rey Post, Associate Broker of Sotheby’s International Realty & Host of the “All Things Real Estate” Radio Show
For this week, I am continuing a theme I have discussed recently on a couple of occasions during airings of the “All Things real Estate” radio show (Go To the “Listen Now” link at ATRradio.com on Sundays, 12-2pm Mountain Time).
Since our show is heard all over the country, I strongly urge all homeowners — no matter where you live — to contact your two U.S. Senators about the Tax Cut and Jobs Act that was just passed by the U.S. House of Representatives.
The House bill threatens homeowners with a loss of tax incentives and a reduction in home values. The bill would reduce the value of the mortgage interest deduction, eliminate the deduction for state and local taxes, and cap the property tax deduction — increasing taxes for many homeowners.
Eliminating the state and local property tax deduction and changes to the capital gains exemption, will increase taxes now and when a home is sold. These incentives are critical for a strong housing market, that creates jobs and builds stable communities.
The bill now goes to the U.S. Senate for consideration, where a different version of the legislation has also been drafted. It’s likely that action by the U.S. Senate will occur after the Thanksgiving holiday, with differences between the House and Senate bills, being pursued in early December.
So now is the time to share your own views about this legislation with those who represent you in Congress. If you own a home, or wish to do so, the potential outcome of what is finally passed into law and then signed by the President, could impact you significantly.