Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I think there are two big changes that are historic. Capping real estate tax deduction as well as mortgage interest deduction. Both are huuuuge. Did the NY/CA market collapse as predicted? Will it affect anybody's decision to buy?
I think there are two big changes that are historic. Capping real estate tax deduction as well as mortgage interest deduction. Both are huuuuge. Did the NY/CA market collapse as predicted? Will it affect anybody's decision to buy?
Overhyped, run the taxes and you'll find 98% of folks still got a tax cut. That's because the cap is for folks carrying $500k mortgages, whoever has a big fat mortgage should be paying extra taxes because they are usually affluent enough to pay down their mortgage or buy the house outright. Instead millionaires are taking out big mortgages with cheap rates to keep more money around and they invest with it. That's why rich gets richer.
NY/CA will not collapse instead more people will be buying once they found out they got a bigger rebate with the new standard deduction.
I think there are two big changes that are historic. Capping real estate tax deduction as well as mortgage interest deduction. Both are huuuuge. Did the NY/CA market collapse as predicted? Will it affect anybody's decision to buy?
Well first the House and Senate have to reconcile their bills before any changes happen. Then they need to go into effect before you will see any reactions in the housing markets.
Well first the House and Senate have to reconcile their bills before any changes happen. Then they need to go into effect before you will see any reactions in the housing markets.
This is true. It will take more time to see any changes related to housing markets.
The tax bill(s) is/are certianly not perfect as presented right now, but the repeal of the SALT provision for high income earners is fantastic in my opinion. Federal taxpayers have been subsidizing high tax states through SALT for years, especially in the expensive coastal regions. Some claim repealing SALT would put a double taxation into effect, but those folks also do not generally admit that SALT also paves the way for local, progressive governments to raise local taxes to fill the "gap", which they nearly always do.
Let those states pay their own freight with high taxes, especially for the wealthy homeowners in the blue areas that consistently advocate for higher taxes, local and federal. They can pay that themselves, instead of asking the rest of us to effectively subsidize it. If the market corrects away from the highest end homes because of this, that is a good thing (those in the RE business may disagree).
I'm blaming the lack of activity in my business this Saturday on it. Not the cold icy rain, no way. To heck with those Republicans!!
for anyone who doesn't know .. when you see "SALT" in the discussion that means State and Local Taxes. Property and income (and I guess other locally-administered taxes) are currently deductible from Federal taxable income. Now, people will almost all only use the much higher personal deduction
Well first the House and Senate have to reconcile their bills before any changes happen. Then they need to go into effect before you will see any reactions in the housing markets.
I know people already adjusting in anticipation of the bill. It's like the stock market. News is baked in the price.
I know people already adjusting in anticipation of the bill. It's like the stock market. News is baked in the price.
Adjusting how?
__________________ ____________________________________________
My posts as a Mod will always be in red.
Be sure to review Terms of Service: TOS
And check this out: FAQ
Moderator: Relationships Forum / Hawaii Forum / Dogs / Pets / Current Events
I'm blaming the lack of activity in my business this Saturday on it. Not the cold icy rain, no way. To heck with those Republicans!!
for anyone who doesn't know .. when you see "SALT" in the discussion that means State and Local Taxes. Property and income (and I guess other locally-administered taxes) are currently deductible from Federal taxable income. Now, people will almost all only use the much higher personal deduction
I live in NJ and work in NYC, I will get double whammy'ed by this law. Originally I was fuming about it but I ran the calculators and did some tweaking and I found myself ahead by just a little.
The blame should be on NYC and NJ taxes because they keep upping the taxes since they can deduct against the Fed taxes. Now if it's no longer deductible they have to think twice when it comes to tax increases.
So shortrun maybe bad but long run is good, we need fiscal responsibility on the state and city govt.
Paying their next year real estate taxes now in case the cap goes into effect or taken out altogether. Makes sense?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
