Here at the Whit Harvey Group, we've noticed that the market for million dollar homes is slower than normal. Buyers aren't showing up at open houses, and showing requests are nearly non-existent, despite our advertising efforts and community connections. We've been wondering if the new tax laws have affected this group of buyers more than others, and found this article online that outlines what we suspected.
It's a good read for any homeowner.
"You might face a fresh sense of uncertainty while preparing your tax return this year. Now that President Donald Trump’s tax plan is the law, will you save money or have to pay? The answer depends on a complex array of factors that touch on just about every aspect of your financial life. This article focuses on how the tax law affects homeownership and mortgage costs.
Among other things, the new rules change whether and how homeowners deduct mortgage interest and property taxes on their tax returns. Many of these revisions for individuals and married couples filing jointly are set to expire at the end of 2025.
Here are six elements of the tax law that could affect homeownership and moving.