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.
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