Mortgage Interest Deduction
Here’s what homeowners need to know about the Tax Cuts and Jobs Act that was signed into law December 2017.
The limit on deductible mortgage debt was reduced from 1 mil to $750K for new loans taken out after 12/14/17. Current loans of up to 1 mil are grandfathered and are not subject to the new $750K.
Homeowners may refinance mortgage debts existing on 12/14/17 up to 1 mil and still deduct the interest, so long as the new loan dos not exceed the amount of the mortgage being refinanced.
Interest paid on home equity loans is only deductible if the proceeds are used to substantially improve the residence.
Interest remains deductible on the second homes, but subject to the 1 mil/$750K limits.
Deduction For State And Local Taxes (Salt)
If you itemize your tax return, you can claim up to $10K total for state and local property taxes and income or sales taxes. This $10K limit applies for both single and married filers.
If you prepaid your 2018 state and local income taxes in 2017. you cannot deduct those taxes.
Capital Gains Exclusion
Remains unchanged at $250K for single fliers and $500K for joint returns if the house was lived in for two of the last five years.
Housing Market Impact
California’s median home price is projected to increase 3.32 percent in 2018. Overall, home sales in California are expected to grow in 2018.
The supply of available homes for sale will be slightly impacted,as homeowners ay delay trading up/ down to their next home.
Overall, the California housing market is expected to see a decline of .3 percent in active listings in 2018
Info sighted from California Association of Realtors – not intended to provide legal or tax advice.
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