Will New Tax Proposals Be the Death of Real Estate?
Many real estate professionals, lenders, and tax payers fear that the proposed income tax plans could drastically affect the housing market in a negative way. These fears include more Americans choosing to rent instead of own, interest rates going up, and owners losing a ton of equity. That is enough to scare anyone! Although the tax plans have been crafted very quickly for overhauling such a complicated tax system, it shouldn’t be as bad as many are making it out to be. Even with the proposed mortgage interest deduction limitations, there are positives for many tax payers.
Alan Thompson, CPA with Thompson, Price, Scott, & Adams, states that “All of the tax reform proposals are…
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