2018 Tax Bill
January 30th, 2018
Hey All! We are starting a new monthly video blog with real estate tidbits for your viewing pleasure.
This month’s Tuesday Tidbit is all about the new Tax Bill. A few quick items to note for 2018:
-Standard deduction is raised to $12,000 for single filers and $24,000 for joint filers.
-Tax deferred 1031 real property exchanges will still be allowable.
-Mortgage interest deduction is still available on new loans below $750,000.
-Capital gain rules remain the same.
As always, we advise you to consult with your tax professional regarding how these changes might affect you personally.
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By now, many savvy first time home buyers have taken advantage of the $8,000 tax credit that ends Friday, April 30th. The program was designed to stimulate the economy and revive the housing market and it appears to have worked. According to the National Association of Realtors, existing home sales rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009. Lawrence Yun, NAR chief economist, said …