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follow tovarichpeter 2017 Dec 5, 8:06am
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The tax is designed to give more to the rich and cut the funding from school. ... Even though the school doesn't have any funding, the public schools in their neighborhood are pretty well funded. You wonder why?
Federal tax law does this?
Mortgage Interest Deduction. Currently, if you itemize your deductions, you can deduct qualifying mortgage interest for purchases of up to $1,000,000 plus an additional $100,000 for equity debt. The $1,000,000 cap applies to a mortgage on your primary residence plus one other home.Under the House bill, current mortgages would be grandfathered - meaning they won't be affected - but new mortgages would be capped at $500,000 for purposes of the deduction. Additionally, the deduction would only apply to your primary residence.Under the Senate bill, the deduction would remain in place for mortgages up to $1,000,000 but the deduction for equity debt (meaning re-fis not related to improving your home) would be eliminated.Property Tax Deduction. Currently, if you itemize your deductions, you can deduct state and local property taxes. Under both the House and Senate bills, the property tax deduction would remain in place but would be capped at $10,000.
KimJongUn saysFederal tax law does this?The tax bill at this point lets expensive private schools be paid from tax free savings accounts
while eliminating tax deductions for property taxes which are mostly for public schools. So yes that statement is true unless the reconciliation committee does something really unexpected.
Yes it will, but prices will depend more on the general state of the sector and rates which could stay low.
mell saysYes it will, but prices will depend more on the general state of the sector and rates which could stay low.In other words, no, it won't.
Will tax bill cut house prices in CA
For example, there is a user on this board who once left CA, was worried about price trajectory of cheap housing in GA (rent vs. buy), yet admits to an income of $450k per year (firmly in the top 1% of society). People are just plain ridiculous, and will do whatever they believe to be logical.