Home>Governmental Affairs>Urgent: Ask Congress to Retain Tax Benefits of Homeownership

Urgent: Ask Congress to Retain Tax Benefits of Homeownership

This is a critical week for tax reform as the U. S. House and Senate confer to work out their differences between the two bills. Now is the time to influence this legislation and ask your Members of Congress to retain the tax benefits of homeownership!

Differences in the House and Senate bills, on the mortgage interest deduction and the capital gains plan, have created this opportunity. NAR is aggressively seeking the retention of current law on both provisions with this new Call for Action which calls on Congress to act on these tax benefits of homeownership:

MID: Retain the current law on mortgage interest deductibility, contained in the Senate bill, which keeps the $1 million loan cap and the allowance for second homes.
Capital Gains: Retain the current rules for capital gains exclusion on the sale of a home, which requires a holding period of two years out of the last five and has no income limits on the amount that is exempt.
State and Local Tax Deductibility: The limitation of deductibility to property taxes should be expanded to include state and local income taxes and the cap should be increased and indexed to inflation.

Take action today so we can affect positive change for our industry for generations to come.  On Tuesday, December 12, at 1 p.m. CST, watch NAR’s Facebook Live to learn more about the tax bill and its impact on you personally and professionally.

To know more, visit NAR’s Realtor Action Center. Time is of the essence!

Additonal Information:
Pricewaterhouse Cooper (PWC) has provided a breakdown on the different aspects of the bill which the President has said he would like to sign into law before Christmas.

Click HERE to download the PDF.

9 thoughts on “Urgent: Ask Congress to Retain Tax Benefits of Homeownership

  1. Kate W,
    The National Association of Realtors is preparing a message to inform its members and staff about the tax changes as they relate to the real estate industry in the new Republican tax bill.
    In the new bill, the MID is limited to payments on $750,000 of debt. All state and local tax deductions will be limited to $10,000. The new bill does retain the current rules for capital gains exclusion on the sale of a home, which requires a holding period of two years out of the last five and has no income limits on the amount that is exempt.
    I hope this information is helpful to you.

    1. Mike,
      The National Association of Realtors is preparing a message to inform its members and staff about the tax changes as they relate to the real estate industry. In the Republican’s tax bill, the MID is limited to payments on $750,000 of debt. All state and local tax deductions will be limited to $10,000. I hope this information is helpful to you.
      Dana Kervin

  2. Here is the link to respond to NAR’s Call for Action. Just enter your name and address and hit submit to let Texas Senators John Cornyn and Ted Cruz and your U. S. Representative know you want to retain these tax benefits of homeownership in the new tax bill:

    https://realtorparty.realtoractioncenter.com/site/Advocacy;jsessionid=00000000.app303b?cmd=display&page=UserAction&id=5018&autologin=true&utm_source=cfa121117&utm_medium=email&utm_campaign=protect2017&s_src=email&s_subsrc&NONCE_TOKEN=13AF6D817931590C6AAEEE57697DE4A5

    1. Laramie,
      The National Association of Realtors is preparing a message to inform its members and staff about the tax changes as they relate to the real estate industry. I’ll be looking at their analysis to see how write offs for personal property damage due to disasters is addressed in the new bill.
      In the Republican’s tax bill, the MID is limited to payments on $750,000 of debt. All state and local tax deductions will be limited to $10,000.
      I hope this information is helpful to you.

  3. I’m in favor of leaving the above items the same as they have been ! I E Mortgage interest Deductibility & the current rules for capital gains exclusions on the sale of a home.

    1. Ross,
      The National Association of Realtors is preparing a message to inform its members and staff about the changes as they relate to the real estate industry in the final Republican tax bill . In the Republican’s tax bill, the MID is limited to payments on $750,000 of debt. All state and local tax deductions will be limited to $10,000. I hope this information is helpful to you.
      Dana Kervin
      HAR Chief Political Strategist

  4. Please consider the following in the new tax bill:

    • MID: Retain the current law on mortgage interest deductibility, contained in the Senate bill, which keeps the $1 million loan cap and the allowance for second homes.
    • Capital Gains: Retain the current rules for capital gains exclusion on the sale of a home, which requires a holding period of two years out of the last five and has no income limits on the amount that is exempt.
    • State and Local Tax Deductibility: The limitation of deductibility to property taxes should be expanded to include state and local income taxes and the cap should be increased and indexed to inflation.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.