Congress Begins Tax Reform

Published Thursday, September 28, 2017

Update from National Association of Realtors 

 The Summit Association of REALTORS® wants you to be aware that the tax reform debate includes possible changes to Mortgage Deductions that will be important to you and your clients!

  • Expected to Double the Standard Deduction and Eliminate all Personal Deductions except the Mortgage Interest Deduction and the deduction for the Charitable Contributions.
  • Eliminate Deductions for State and Local Taxes.

This will eliminate economic incentives for home ownership and raise taxes by an average of $851.00, by doing this, the Mortgage Interest Deduction would only be available to the top 5% of taxpayers.

 

  • For Additional Information please click here