” How new tax law will affect my taxes?” a lot of homebuyers and homesellers are asking right now.
Tax law is very complicated.
Please, talk with your CPA or accountant. Only a person who really knows your situation and the tax law can give you a good advice.
I did some search online to see what kind of information I would find about this new tax law. There is a lot out there! Tax law is very complex. It is hard to understand and even harder to explain.
Lets see what kind of interesting information I found rigt now:
The new bill is complicated. We can read a lot about it’s impact to the country in this U.S News article: “How the New Tax Bill Will Affect Homeowners“, where it says that :
“You’re going to see an initial drop in home prices. Some of it is reality, and some of it is psychological,” says Jeffrey Citron, a real estate expert and co-managing partner for the law firm Davidoff Hutcher & Citron LLP in New York City.
Or this U.S.News article “GOP Tax Bill Rewards Real Estate,Oil While Hurting Hospitals”. It this article it syas the opposite impact to real estate :
“Some house hunters – particularly wealthy buyers – will see an increase in after-tax income making an already tough housing market even more competitive,” Joseph Kirchner, a senior economist at realtor.com, said in a statement last month. “This increased demand could drive prices up even higher than they are already. And changes in the deductibility of mortgage interest and state and local taxes could cause challenges for many homeowners.”
But every state is different and has different laws. There is an article from Local 10 News ” How the New Tax Bill Will will impact Real Estate Market in South Florida” Says that the new law:
“will affect those who own, sell and build residential and commercial real estate in South Florida. “
Tax law is very complicated. We can read as much as wee want about it. But for every taxpayer the new tax law affect will be different.
Please, talk will your CPA or accountant to see the new tax law inpact for you personally. Nobody else can give you the best advice, but the person who really knows the law and your particullar situation.