Originally published 10/19/2017
Here are a couple of good articles with information on aspects of the proposed tax reform plan that may affect homeowners. Many have tried to characterize the mortgage interest deduction as only affecting wealthy homeowners. However, as quoted in one of the articles:
- 70 percent of the value of real property tax deductions in 2014 went to taxpayers with incomes less than $200,000.
- 53 percent of individuals claiming the itemized deduction for real estate taxes in 2014 earned less than $100,000.
- 7 million tax filers claimed a deduction for mortgage interest in 2015.
Click below for the full text of the articles.
REALTORS® Support Tax Reform ‘Done Right’
Mortgage Deduction at Risk of Irrelevancy With Tax Reform Plan