How will the new tax plan affect me as a home owner?
The new tax plan will affect you, depending on where you live and how much your property is worth. Connecticut has higher-than-average property taxes and the deductability of state and local taxes (SALT) may be eliminated and the House plan will allow property taxes to be deducted only up to $10,000. You can still write off the mortgage interest. Furthermore, it is estimated that the tax changes could reduce 10% off of the equity in your home. Capital gains exclusions will still apply, but the live-in time has increased.
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Tawana Bourne, Your Enthusiastic REALTOR 💖 💖 💖
Berkshire Hathaway HomeServices
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