Homeowners Say Tax Reform Would Hurt Them

Homeowners Say Tax Reform Would Hurt Them

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A majority of recently surveyed homeowners say that changing homeownership tax incentives would restrict their mobility and cause them financial strain, according to new data from the National Association of REALTORS®’ fourth-quarter Housing Opportunities and Market Experience survey.

Proposed tax bills currently in the House and Senate could “undercut the incentive of owning a home and would have a detrimental effect on many homeowners’ financial situation and future desire to move,” NAR states on a release about the survey’s findings.

The current House and Senate bill weaving its way through Congress differs in content, but includes a call to limit the mortgage interest deduction on new mortgages and eliminate it outright for second mortgages and new home equity lines of credit. The bill also contains potential implications for the capital gains exclusions on the sale of a principal residence and caps on property taxes.

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Phone: 763-416-1279
Dated: December 14th 2017
Views: 29
About Kelly: I absolutely LOVE the Real Estate business! I’ve been drawn to Real Estate for years – it combin...

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