February 1st, 2018 2:21 PM by Michele Morse Reen
The Tax Cuts and Jobs Act was signed into law in December, 2017. This new bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals as well as businesses. Some of the changes have already taken place and will continue through 2018. As a homeowner or home buyer, here is what you can expect from the bill and ways it may impact you.
Exclusion of Gain on Sale of a Principal Residence
Mortgage Credit Certificates (MCCs)
Depending on how you fit into the above categories, you and your tax advisor can determine whether you will see a difference from a financial standpoint if you’re a homeowner.
If you don’t already own a home, you may be wondering what these tax changes mean for your future purchasing plans. There are always several factors to consider when you are deciding whether to rent or buy. Purchasing a home is still an investment opportunity and a chance to take pride in owning a house that you can truly make your own. Your dream home may be waiting for you right now!
As always, I am ready to help you determine what type of loan might be right for your situation and to help you get started on your homeownership journey!
Disclaimer: This material is for informational purposes only. This material does not provide individually tailored investment advice or offer legal, tax, regulatory or accounting advice. We recommend you contact your financial planner or tax advisor for details and more information.