Today may be REALTORS®’ last chance to influence the tax bill which may be voted on as early as tomorrow, December 19, 2017. 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, the capital gains exemptions, and preserving the state and local tax deductions (SALT), have created this opportunity. With this NEW Call for Action, NAR is aggressively seeking the retention of current law on these provisions and is calling on its members to contact their Members of Congress to act on three 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.
To know more, visit NAR’s REALTOR® Action Center. Time is of the essence!
On Saturday, December 16, Pricewaterhouse Cooper (PWC) released its Tax Insights 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.