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Hello,

 This email is being forwarded to you via an email I received from:

 Daniel Dobbs (.org)

VP-Broker
Mutual Home Mortgage
265 S. Randolph #120
Brea, Ca. 92821
Cell: 949 250-3981

Dandobbs6@gmail.com
BRE # 00986886 …..NMLS# 307631

 


Hello and Happy 2018,

           "PLEASE CHECK WITH YOUR TAX ADVISOR

                                REGARDING THIS INFO"

 I hope you all had a Merry Christmas and a "safe and sane" holiday season".

 Now lets all have a productive 2018, and please email me and tell me how I can earn your biz for this coming year!

 The dust has settled & the experts have weighed in on the new tax law and NerdWallet is the most non-partisan source of information I could find.

Here’s how the new tax law affects buyers and sellers!

Mortgage Interest

 The mortgage interest tax deduction is touted as a way to make homeownership more affordable. It cuts the federal income tax that qualifying homeowners pay by reducing their taxable income by the amount of mortgage interest they pay.

 Under the new law, the deduction is scaled back to interest on debt up to $750,000, (vs.$1 million), for people who buy homes after Dec. 15, 2017.

 The law carves out an exception for people who were under contract to buy a home before Dec. 15, 2017, and closed escrow Jan. 1, 2018.

 Exception: When a homeowner refis' the old limit of $1 million still applies.

                                                     Property Tax

 The deduction is limited to a total of $10,000 for the cost of property taxes, plus state and local income taxes.

                                                     Home Equity

 The new tax law eliminates the deduction for interest paid on home equity debt (HELOCs). However "Piggy Back" loans are deductible.

                                                    Capital Gains

 The exclusion is capped at $250,000 for single individuals and married taxpayers filing separately. The new law doesn’t alter the capital gain exclusion for homes.

                                                   Second Homes

 Under current law, you may deduct interest on mortgage debt on your primary home and a second home although it reduced the amount of (total) eligible mortgage debt to $750,000.

                                                  Moving Expenses

 Under the new law, only members of the armed forces on active duty will be allowed to deduct moving expenses.

Sales Start with Service 

I hope you find his information helpful,

Regards,

Lillian Wall

Wall Street Properties

818-489-8008

CalBRE00753680

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

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wallstreetproperties.com   

Lillian Wall
Wall Street Properties
Ph: 818-705-7370  -  Fax: 818-705-7527
18653 Ventura Boulevard, Ste 320
Tarzana, CA 91356
CA DRE License #  753680
www.wallstreetproperties.com

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