The Tax Cuts and Jobs Act – What it Means for Homeowners

The Tax Cuts and Jobs Act – What it Means for Homeowners

Source: National Association of Realtors

Tax Cuts and Jobs Act - 7 Numbers to Know for Homeowners

The Tax Cuts and Jobs Act was finalized on December 20, 2017 and went into effect after December 31, 2017. So what does this mean for you, as a current or potential homeowner? We give a breakdown on important numbers for current and potential homeowners here:

  1. $750k = limit on mortgage interest deduction (for mortgages issued after Dec. 15th, 2017)
  2. $10k = state and local deduction for income, sales, & property taxes
  3. $12k = standard deduction for single filers
  4. $24k = standard deduction for married filing jointly
  5. $0.00 = personal exemptions
  6. 2 out of 5 years = how long you have to live in a primary residence to qualify for capital gains exclusion
  7. 15% = max rate on capital gains (generally speaking)

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