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!
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.