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A Third of Homebuyers Will Consider Moving to Another State if SALT Deductions Are Eliminated

The Senate is poised to vote on its version of the tax reform bill this week. Should the Senate bill pass, the Senate and the House of Representatives will then hash out the differences between their respective plans to present a single bill for President Trump’s approval. Up for debate are a handful of proposed changes that could affect homebuyers and homeowners, especially those in coastal markets where home prices have been rising quickly over the past few years and in states with relatively high state and local taxes, such as California, New York and New Jersey.

A big change for many of these homeowners could come in the form of caps on mortgage interest and state and local tax (SALT) deductions, proposed in the House plan, or the elimination of deductions for state and local taxes, as called for in the Senate plan.

Read Article at Redfin.com

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