As I’m sure you know 2017 brought us new tax laws. If there has ever been a time that you want to talk to your tax consultant preemptively it is now. Of course everyone’s tax situation is different but a couple things that affect real estate are:
- The final tax bill has a limit on deductible mortgage debt of $750,000 for new loans taken out after 12/14/2017.
- The final tax bill allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or sales taxes. The limit applies for both single and married filers.
Again, be sure talk to your tax preparer so you understand how the changes affect you!!