There was a ton of uncertainty and misinformation surrounding the new 2018 tax law that went in to effect on Jan 1st, 2018. There were multiple versions of the bill in the house and senate. This blog is clear up some myths about the new law and give a couple changes specifically effecting real estate and homeowners.
Here are the BIG 3 2018 tax changes I talk about in this video.
1. The capital gains exclusion when selling your primary home.
2. The new loan mortgage deductions limits
3. SALT. The changes in the deductions for you state income taxes and local property taxes. The prior tax law allowed for a unlimited deduction for your state income taxes, property taxes for both a primary residence and second home. The new 2018 tax law changes will cap this amount at $10,000.