Back in January I posted about the new tax laws for 2018, and cleverly disguised the post with a GIF of me jumping as the lead image, for those of you who might be hesitant to read about taxes. 🙂
However, I thought the chart deserved a leading image of its own (and the new tax laws are still relevant), so here it is.
New Home Mortgage Deduction Rules
Previously, taxpayers could deduct state and local property, income, and sales taxes from federal returns.
The new law caps these deductions—which can be any combination of property, income, and sales taxes—at $10,000.
Below is also the California Association of Realtors’ handy reference of some the laws pertaining to real estate.
Please know you can always give me a call to discuss how this might affect your home.