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A small overview of the Tax Reform Act as it pertains to homeownership

In an effort to stop the Tax Reform Bill from harming homeownership tax incentives, over 300,000 Realtors wrote, texted, called and emailed Federal Legislators.

Through their action, some last-minute changes to the Tax Reform Bill include the following:

Current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home.

The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill had sought a reduction to $500,000.

Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether

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