As we’ve all waited several weeks to hear of the final version of the massive tax law changes, Congress has finally come to an agreement.

As it relates to the real estate industry, the biggest impact is that the mortgage interest tax deduction will exist up to $750,000 of the mortgage. This is better than the proposed limit in the original House version. With regards to Property Tax and even State Income Taxes, Congress is looking at allowing a deduction for up to the first $10,000. The minimum residency period is also still planning to be raised to be 5 of the past 8 years. These are the anticipated tax law changes as they relate to the real estate industry right now.

Please sign up to keep in touch with me for more details on the tax law as things become clearer. I’m Karen, your Mortgage Genie, helping you find the home of your dreams.