Anonymous

Spam prevention
Ambassador
6,356,194
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Not sure if even the signers of this know what is in it yet.

Dec 20, 2017 08:15 PM
Rainmaker
2,817,665
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Not sure I understand your question, but I believe it was changed to be up $750,000.  Not sure about timing, etc.  Ask an accountant...and they may not know yet until next year.

Dec 20, 2017 07:12 PM
Rainmaker
2,219,617
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Dec 21, 2017 06:59 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I haven't examined this to date.

Dec 21, 2017 06:42 AM
Rainmaker
898,048
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Desaster for HELOC's... and many wage-earners....

Dec 21, 2017 06:14 AM
Rainmaker
1,712,551
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Talk to your friendly local lender.

Dec 21, 2017 04:48 AM
Rainmaker
5,096,366
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

You need to ask a mortgage lender this question... and I'm sure it's a bit premature to have all the answers as yet.

Dec 21, 2017 04:21 AM
Rainmaker
1,619,191
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

''Mortgage interest deductions: The new law caps the limit on deductible mortgage debt at $750,000 for loans taken out after Dec. 14. (Loans made before that date can continue to deduct interest on mortgage debt up to $1 million.) Homeowners can refinance mortgage debts that existed before Dec. 14 up to $1 million and still deduct the interest as long as the new loan does not exceed the amount refinanced. The interest on a home-equity loan can be deducted as long as the proceeds are used to substantially improve the home. Mortgage interest on second homes can be deducted but is subject to the $750,000 limit.''

 

my favorite part this: 

Estate tax: The law doubles the estate tax exemption to $11.2 million.

 

Doubles! Here we go...

Dec 21, 2017 12:01 AM
Rainmaker
1,237,495
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Try T-tax they have got this one done already.

Dec 20, 2017 10:12 PM
Rainmaker
1,530,786
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

It has no effect in 2017.

Dec 20, 2017 09:30 PM
Ambassador
3,160,209
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I don't even care

Dec 20, 2017 09:10 PM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I have no idea.

Dec 20, 2017 09:06 PM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

This is above my pay scale

Dec 20, 2017 08:39 PM
Ambassador
5,204,468
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Definitely a CPA question - and I would respond to all of my clients who ask that question the same exact way!

Dec 20, 2017 08:18 PM
Ambassador
5,033,056
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

That’s advice that needs to come from a CPA. I wouldn’t even consider a advising someone or suggesting a possible outcome.

Dec 20, 2017 07:29 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I let my accountant figure that out for me and with my clients, I never, ever give accounting advice other than consult with your tax person.

Dec 20, 2017 07:22 PM
Ambassador
2,679,349
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   You need a CPA involved whenever a tax change of this magnitude occurs.

Dec 20, 2017 07:17 PM
Rainmaker
678,988
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I would be contacting my CPA or my Expert Lender with this question.

Dec 20, 2017 07:16 PM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

ask your accountant....

Dec 20, 2017 06:07 PM
Rainmaker
7,792,559
Roy Kelley
Retired - Gaithersburg, MD

Read the new rules.

Dec 20, 2017 06:04 PM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Clueless.

Dec 20, 2017 05:51 PM
Rainmaker
1,498,438
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Best to talk to a CPA.

Dec 21, 2017 09:33 AM
Ambassador
3,339,454
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I leave these matters to my CPA to guide me ... and I recommend my clients do the same.  

Dec 21, 2017 07:40 AM
Rainmaker
2,775,781
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The very act of looking at the answer to your question is the rule in play

Dec 21, 2017 07:19 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

C.P.A.

Dec 21, 2017 07:18 AM
Rainmaker
5,192,339
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

For many, no change. For some the limits will come into play!

Dec 21, 2017 05:31 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

In reviewing the 500 page Cliff Notes on the tax bill, the conclusion was those living in the big houses or high tax states get to pay more.

Those are the same states with extreme leftist views.

What's not to like?

Dec 21, 2017 05:31 AM
Rainmaker
544,014
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Another incentive to own a house free and clear

Dec 21, 2017 03:32 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I do not know

Dec 21, 2017 01:14 PM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

What Inna Ivchenko said.

Dec 21, 2017 10:57 AM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It will not affect 99.9% of the homes here in NH. 

Dec 21, 2017 07:10 AM
Rainmaker
1,598,452
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Agree, a lot of good answers here.

Oct 04, 2018 05:56 PM
Rainmaker
2,070,825
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Great answers are here.

Oct 04, 2018 05:56 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Yes, there will be a good impact for sure.

Dec 25, 2017 09:57 PM
Rainmaker
5,850,101
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Will have to check with a lender to get this information.

Dec 23, 2017 07:11 AM
Rainmaker
4,136,131
John Pusa
Glendale, CA

Many good responses.

Dec 21, 2017 04:27 PM