After much haggling and debate, the new tax laws are now final. Here are the final details to the areas that affect real estate decisions the most. Mortgage Interest Deduction: The limit on deductible mortgage debt has been reduced to $750k (from $1M) for loans taken after 12/14/2017. Loans of up to $1M before that date are not subject to the new limit. Interest is still deductible on second homes and subject to the $1M/$750k limits. (Note: The House-passed bill would have ca

2017 proved to be a challenging year for many in the local real estate market. Buyers faced tough odds on winning bids in multiple offer situations. If a buyer’s offer was accepted, it was likely at a higher price than originally listed. Many who considered selling their home chose not to put their house on the market because they did not want to deal with the challenges of buying another home. The great profits they might receive for their current home would be absorbed by t

During the last week of September, the long awaited Tax Reform proposal was announced. As expected, there are changes that may have a significant impact on home buying decisions if the plan is passed in its current form. I see the proposed increase in the standard deduction and elimination of property tax deduction as the two most significant elements of the plan that will affect the average home purchase decision. As part of the plan to “simplify” the tax code, the standard