Items Tagged with 'mortgage interest deduction'

ARTICLES

  • IRS: Interest paid on home equity loans is still deductible under new tax plan

    But not in every case
    The country’s new tax laws, ushered in by President Donald Trump and his Republican counterparts late last year, will bring many changes to the mortgage industry. Namely, the plan reduces the available mortgage interest deduction from $1 million to $750,000. But what’s the impact of the tax plan on home equity loans, home equity lines of credit, and second mortgages? The IRS has answers.
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  • Trump officially signs tax reform bill into law

    White House to celebrate in 2018
    Friday morning, President Donald Trump announced he would sign the sweeping tax reform bill into law, marking the first major legislative victory in his term. The signing was held in private in the Oval Office, and the White House event to celebrate the new law will be held in the new year on January 3, 2018.
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  • Monday Morning Cup of Coffee: Republican committee passes tax reform

    Look to pass bill to president before Christmas
    It's the last week before Christmas! That means everyone is busy wrapping up the year and getting ready for the Holidays and 2018. Friday night, the Republican committee assigned to negotiate the bill, which strikes several compromises between the previous House and Senate legislations, including a compromise on the mortgage interest deduction.
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  • Republicans strike unified deal on tax reform

    Here’s what it means for the MID
    The Congressional committee negotiated the final tax reform bill and came to an agreement in principal. The committee struck several compromises between the House and Senate versions of tax reform, including what to do with the mortgage interest deduction.
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  • Could tax reform actually be good news for housing?

    One expert thinks so
    As members of Congress grow closer to passing major tax reform, one expert explained why the bills being considered in the House and Senate could increase the supply of homes for sale. While most experts claim both bills are aligned on provisions that take away homeownership incentives, one expert disagrees.
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  • [VIDEO] House and Senate align on tax provisions that may reduce homeownership

    Experts: Shameful and dangerous mix of corruption, greed and incompetence
    In the middle of the night on Friday, the Senate passed a bill to completely overhaul the current tax system. But experts argue that while the House and the Senate will need to compromise on which version of tax reform to send to the president’s desk, they pointed out both bills are aligned on provisions that take away homeownership incentives.
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  • Massive tax reform plan moves one step closer to full Senate vote

    Senate Budget Committee approves bill
    The Senate version of the Republicans’ tax plan, the Tax Cuts and Jobs Act, moved one step closer to becoming a reality on Tuesday when the Senate Budget Committee approved the bill. Of interest to those who operate in the housing industry, the Senate version of the tax reform bill will keep the current mortgage interest deduction cap at $1 million.
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  • Senate may vote on tax reform as soon as this week

    Will the MID stay or go?
    Tax reform is an important, priority issue put forward by the Trump administration. Given that, a vote on a new tax plan could be coming in the Senate soon. Will the mortgage interest deduction stay as is or go down a new road? We may know sooner than later.
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