The mainstream media likes to create fear and sensational headlines but the new tax plan is going to negatively affect very few people. Here are three noteworthy points:
- Mortgage interest deduction limited by new maximum loan amount of $750,000, down from $1 million
- Cap on the deductibility of state and local taxes of $10,000
- Increase in the standard deduction which will affect the most, resulting in fewer than 10% of tax filers itemizing their deductions.
So, who does this affect? In my area only 2.1% of homes are valued over $750k and only 0.8% of owners paid over $10k for real estate taxes. Want to see how other areas of the country stack up? Check the interactive map and read the entire article HERE.
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