Will Tax Reform Hurt Housing Market?

by Gabriela Rico | Mar 14, 2017   ()

A proposal coming out of the White House to raise the standard tax deduction would be welcome news for most taxpayers, but some in the housing industry fear it could discourage new homeowners.

Among the changes being proposed is an almost-doubling of the standard deduction -- from $12,600 to $24,000 for a married couple filing jointly.

The Tax Policy Center predicts more than 80 percent of taxpayers would opt for the standard deduction, rather than itemizing to get a tax break on their mortgage interest.

What that could mean is buyers shying away from a new house because they don't see the financial payoffs to the investment. Read More

Source: CPA Practice Advisor

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