Dawn (253) 307-6438
Brandon (253) 732-0778
The New Tax Plan and how it affects YOU! Part 3 – Existing Home Owners
The New Tax Plan and how it affects YOU! Part 3 – Existing Home Owners
People who bought their home prior to this new tax plan went into effect are grandfathered into the previous mortgage interest deduction cap of $1 million. This may result in those home owners staying in their homes longer because they will get less tax benefit if they move and buy a home over $750,000. Interest rates are expected to rise a well, which may lend itself to keep homeowner put for a while as well.
Moving expenses are no longer a deductible which might be another reason to stay put. But the bottom line is if you are interested in moving, these might be minor side effects to a great cause.
Another Winner is Real Estate Investors with a positive cash flow which we will talk about in Part 4 in our next post. Remember to always talk to your tax professional for more specifics.
The Heilbrun Team at John L. Scott, Orting, is here for you for all your real estate needs in Pierce, Thurston and King Counties!
Dawn Heilbrun, Owner
253-307-6438
The Heilbrun Home Team
John L. Scott, Orting
www.dawnh.johnlscott.com
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