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2018-02-18 08:22:36
Tax Reform Facts from C.A.R - Important Links and Things to Know in Southern California

The Tax reform has all buyers, sellers, landlords and homeowners wondering how this new Tax Reform will personally effect them. There's been a lot of changes. Until we actually get hit with taxes or mis out on previously enjoyed deductions  - some of us won't understand it until it's too late. The INDRA Group in Rancho Santa Fe - representing buyers and sellers in the San Diego residential real estate market want to keep you informed. Sharing what I found today on the newly released C.A.R. 2018 Report. 

 

TAX REFORM

First a couple of important links:

www.carorg/riskmanagement/tools Look for Tax Cuts & Jobs Act.

www.nar/realtor/tax-reform/the-tax-cuts-and-jobs-act

In a nutshell here are some key provisions of the Tax Cuts & Jobs Act.

  • Mortgage interest deductions (after 12-14-2017) are capped at $ 750,000.00.
  • Home Equity Loan interest is no longer deductible unless used to improve the property.
  • State & Local tax deductions are capped at $ 10,000.00.
  • Standardized deduction is increased to $ 24,000.00 per couple.
  • Capital Gains for housing exclusions were largely maintained if you lived in property two out of the last five years.
  • $ 4,150.00 deduction for dependents is gone.
  • Commercial Real Estate

Section 175 deductions are increased to $ 1,000,000.00 from $ 500,000 and the definition of qualified expenses was expanded.

 

What does this all mean to you? Our advice is to get with your trusted CPA or tax advisor so they can give you details on how will effect you. 

Melia Indra Broker Associate melia@indra-group.com or 760-681-9960

 
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