How the tax reform impacts Florida homeowners

How the tax reform impacts Florida homeowners

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How the New Tax Reform Will Impact Homeowners As you know, Congress passed a new tax reform bill shortly before the end of 2017. As this is the most significant set of changes to the tax code since 1986, many are wondering how this new law will affect the housing market.

Few are thinking about the tax implications of exciting moments like buying their first home or even remodeling it, but with the historic tax reform that passed in late 2017 and Tax Day right.

The most wide-ranging reform of the United States’ tax laws in more than three decades marginalizes homeownership incentives, but experts say it favors South Florida’s real estate market.

Here are three big impacts of the tax reform that homeowners should know about: Depending on the loan amount, new homeowners may need to take a smaller tax deduction under the new law. Old law: You can deduct mortgage interest on loans up to $1 million ($500,000 if married filing separately).

Tax Deductions for Homeowners: How the New Tax Law Affects Mortgage Interest To derive the amount of deductible home. proposed Tax Cuts and Jobs Act, and changes to business taxation will have a significant impact on wages and economic growth. Still, sometimes it’s helpful.

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That will give the typical worker about a $9 weekly rise in take-home pay, or $462 over the course of a 52-week year. image source: Getty Images. Families saw a number of impacts in the tax reform.

The latest proposals would require homeowners to need to live in their homes for five out of the last eight years to be exempt. If they are not exempt, they will pay $12,360 in capital gain taxes. In Florida last year, 14.9 percent of homeowners lived in their homes for two to four years and would not be able to take the tax exemption.

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