June 21st - How Will Eliminating The Property Tax Deduction Affect You?

On today’s “Real Estate Round-Up” talk with Terry Story, topics include possible changes to mortgage tax deduction laws, saving up for a down payment on the new home you want to buy, and the limitations of online home value estimator tools.  There has been rampant speculation in the real estate industry and elsewhere over comments from the Trump administration about nearly doubling the standard deduction for mortgage and interest payments (from $12,600 to $24,000) while simultaneously eliminating deductions for state and local taxes including property taxes.  It’s the latter issue, canceling the ability to deduct costly state and local taxes from your federal income taxes, that is generating a lot of heat and angst.  The rationale for the deduction has been that the government can’t “double tax” you on the value of your property but, evidently, that may be rolled back.