By: Chris Hostetler
Happy home listing season! It is almost Spring, which brings yard work, allergies, and real estate open houses. If you’re looking to buy a new home or improve your current home, there are some things you should know about the new tax law, the Tax Cuts and Jobs Act, which goes into effect for the 2018 tax year. In fact, the law may affect you as a homeowner, even if you aren’t making any changes to your address or spending money to renovate the place.
First, the usual caveat - consult with your tax advisor to better understand how the updates will affect your unique situation. Now, here are some of the changes:
An increase in the standard deduction – Although this isn’t a homeowner’s issue per se, it affects many homeowners who were previously taking itemized deductions. The standard deduction is basically doubled, so the deductibility of mortgage interest is no longer of value for some people. As an example, if y ...