There has been much speculation on how the tax code has changed this year regarding your home. This article from realtor.com does a great job of highlighting some of the myths that are floating around out there and providing clarity as you prepare to do your taxes. Please enjoy the article and give me a call with any of your real estate needs.
Source: realtor.com | Re-Post Houterloot 3/7/2019 –
Taxes are confusing enough as it is—throw in the recent Tax Cuts and Jobs Act overhaul, and it’s understandable if you’re flummoxed.
But fear not! With all the mayhem and misconceptions flying around this year now that the new tax code has taken effect, we’re here to set the record straight by highlighting the top tax myths that might dupe even the financial Einsteins among us.
So whether you want to enter this filing season with clear-eyed confidence or just test what you know, check out this list and ask yourself honestly: How many of these fake tax facts did you believe were true?
Tax myth No. 1: The mortgage interest deduction is gone
On the contrary, if you bought your home before Dec. 15, 2017, you’re in luck: You are grandfathered in under the old tax laws and can still deduct all of the interest on loans of up to $1 million, says Tom Wheelwright, certified public accountant and CEO of WealthAbility.com.
Posted on March 7, 2019 at 10:35 am by Tim Houterloot