Home ownership Incentives-New Tax Law

The new Republican tax law is prompting plenty of questions and many of them are coming from homeowners.The legislation makes a number of significant GOP Tax Plan Will Affect Home Ownership | WGCU.

Tax law through 2017 Tax law beginning in 2018; Mortgage interest: You may deduct the interest you pay on mortgage debt up to $1 million ($500,000 if married filing separately) on your primary.

Home Equity Deduction – Under previous tax law, the interest paid on a home equity line of credit (HELOC) was tax deductible when the debt was incurred "for reasons other than to buy, build, or substantially improve your home." The Tax Cuts and Jobs Act has removed this tax deduction. However, experts say interest on HELOCs should still be deductible provided that homeowners use the proceeds.

If these new tax rules are passed, and you’re among those who buy a home priced at more than a half a million dollars, and you get a loan on or after the effective date of the new tax law, you.

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But one thing you should be aware of is that some experts say that home values may soon start to drop as a result of the new laws, since, by taking away a portion of the tax breaks buyers once enjoyed.

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The latest tax law includes several provisions that could impact how much interest you are allowed to deduct on your 2018 federal tax return. While complicated and filled with exceptions, many taxpayers will no longer be able to deduct the interest they pay on Home Equity Lines of Credit (HELOCs).

Home values are surging in many areas, and rents are going up too. These factors make buying a home seem more attractive than ever. As a bonus, the cost of ownership is reduced by any tax savings.

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Under the new tax law, single homeowners will generally find it easier to get tax incentives for owning a home than married homeowners. This disadvantage is a byproduct from new changes to the law, especially the increase in the standard deduction for both single and married of homeowners.

Those will be the ones who have enough itemized deductions to see the tax law incentivizing home ownership." Test Your Knowledge: Under the new tax law, homeowners are allowed to deduct up to $10,000 of their state property tax on their federal tax return.

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