Posted On: February 15th, 2018 9:25PM
The signing of the Tax Cuts and Jobs Act towards the end of December 2017 is not going to affect homeowners and the way they will taxed for the 2017 financial year. The changes will come into effect from the 1st of January 2018 and this will impact the decisions that will be made by existing and especially future homeowners.
The changes in the law* which will impact homeowners are:
Limited Mortgage Interest Deductions
The maximum amount of mortgage debt interest that can be deducted is $750,000 from the previous amount of $1 million. This will affect loans that are taken from mid December 2017 onwards. If you are paying off a mortgage for a second home the interest will also be deductible up to the same amount of $750,000. Home equity loan interest will only be deductible if the money has been used for home improvements.
Tax deductions
Up until the passing of the new law all property taxes whether state or localized were claimed as deductions. The new law allows for a total of up to a $10,000 deduction only. The amount is the same for both individuals and married couples.
Standard Deductions
These are doubled under the new law at $12,000 for individuals and $24,000 for joint filers. Many taxpayers will most likely prefer standard deduction to itemizing their filing so as not to reduce the tax related benefits of owning a home.
Capital Gains Tax
The exclusion of capital gains tax for the sale of a primary home is to be maintained. This means that a seller may exclude $250,000 of gain from taxation as an individual and $500,000 if married. The required years of ownership are for two of five instead of the five of eight that was initially sought.
As part of my REALTOR® services, I do my best to stay abreast of important legislative, market, and tax issues influencing housing.
*I do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
Get in touch if you are considering a move. If have any real estate related questions; I am always happy to talk!
Posted On: January 17th, 2018 6:26PM
I gathered a list of the expected changes in the housing market for 2018. As your trusted REALTOR® serving Chicago and the Northwest Suburbs, I look forward to visiting about your specific needs.
If any of these expectations look like they may affect your housing situation, and you would like to have a meaningful conversation about your options… let’s talk.
Posted On: December 13th, 2017 6:42PM
The idea behind staging a home is to highlight its best features and amenities, and to minimize the areas not so likely to be selling points. Staging doesn’t mean a bit of decorating, repairing and cleaning, it is the art of changing your home, so it appears larger, brighter, and more inviting to prospective buyers.
The best way to determine if your home needs staging is to hire a professional in this field.
What to expect?
I offer quality staging advice to all my sellers. I have excellent referrals for staging pros that know how to make your home appealing to buyers. Let’s have a one-one-one talk if you are considering a home sale in our Chicagoland area.
Posted On: November 16th, 2017 12:17PM
Minimize stress on moving day with a little preparation. By planning your move well in advance, you avoid the likelihood of any last-minute chaos. As soon as you know your moving date start researching moving companies, get quotes and let them know when you need them. Start a file for all your paperwork: include a checklist of to-dos you can mark off completed tasks.
As moving day approaches you will need to start preparing so here are some steps to follow.
I am a listing specialist in the Chicagoland area. I serve my sellers with the utmost attention. Let’s talk if you are contemplating a home sale soon.
Posted On: October 19th, 2017 5:32PM
There are many services I provide when supporting you throughout the sale of your home: consulting, education, creating a quality CMA (Comparative Market Analysis) for establishing a list price, and more. For this post, I wanted to share my marketing approach and all the steps I take to make sure your home is presented in the best light.
My marketing campaigns are tailored to your specific property and may include:
I make an effort to network with other agents, and follow up with all prospective buyers or their buyer’s agent.
Once offers start coming in, I guide you through the process and paperwork right up to the closing of the sale.
As you can see, there’s a lot to marketing your home so it yields optimum results. My marketing strategy is continuously analyzed to ensure that it remains effective the entire time your home is actively for sale. Let’s talk soon if you are contemplating a sale in the Chicagoland area.