| Author | Message | ||
     Saarang Pilla Bewarse Username: Saarang Post Number: 757 Registered: 04-2015 Posted From: 97.113.83.221 Rating: N/A |
Eliminating or cutting in half the mortgage interest deduction, from $1 million to $500,000. Limiting the deductibility of property taxes to the first $10,000 paid. Eliminating the deduction for second or vacation homes. Eliminating the deductibility for home equity loans. Eliminating the deductibility of state and local taxes (now called SALT), which hits high cost/high tax states (which mostly are “blue”) the hardest. Dramatic change in the exclusion of profits on sale: Homeowners will have to live in their home as a primary residence for five out of the last eight years in order to keep up to $250,000 in profits tax free (up to $500,000 if you’re married filing jointly) instead of two of the last five years. Repeal of deductibility of moving expenses. |