I thought it’s only for “new” mortgages, unless the bill really meant for existing mortgages as well then people with jumbo mortgages on their primaries would really get screwed.
Well, sounds like the voices of reason (yes some even Republicans) are against this tax plan. Early in the ballgame. Let’s see the special interests and lobbyists get off the bench to defeat this…
New taxes changes are going to be computerized, when it’s time to pay taxes, they don’t care if you are a new owner or what.
Though, when some laws change, there’s this clause called “grandfathering”, which means any changes can and/or will be applied from the publication of the new changes so they become law protecting anybody prior to the date of the new law.
how’s that?
you rent my place, i rent your place
so all property is rental, calculate it right, = 0 income
and you still get 24k standard deduction…
Yes, let special interests put the needs of <5% of the population above the whole. That’s a great recipe for success.
No, there is a lot to dislike about this plan. I just need the real grease to move the squeaky wheels…
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Yep, time to sell primary and go rent near your work, and just buy investment properties. And if you move job, move closer to your work. I think I might come out ahead with elimination of property tax and this mortgage interest deduction.
That’s what I heard on Radio this morning too. Only new mortgages, but refinance on existing loan could still get benefit for 1M.
What don’t you like about it?
Targeted at Seattle but we’d have similar implications here in the bay area: https://www.seattletimes.com/business/real-estate/gop-tax-plan-would-hit-seattle-and-eastside-home-buyers-already-dealing-with-pricey-market/
So you expect the rest of the country to feel sorry for people buying homes that are priced in the top 3% of the entire country? I wouldn’t hold my breath waiting for the sympathy party.
This could be very bullish for landlords. If there’s no tax incentive to buy, then more people should rent. Also, raising the standard deduction means they’ll have higher take home pay to pay towards rent.
Well, if Game 1 (healthcare reform) was any indication, Game 2 is a long ways from being over just yet. If this plan makes it through unscathed and intact fully, it will be a miracle…
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Figured in the savings of no AMT…
Sell your house to a corporation and rent back from it… My wealthy friends have been doing that for years… Use 1031 when you move.
No matter what the the new tax laws are there will be winners and losers all you have to do is figure out the rules and make changes and adjustments to benefit from them
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I thought a dumb guy told me the price of a home over here is $300K+?
I sent him to buy me one all cash with that price but the dumb guy didn’t comeback for the deal. 
And the guy still with a national graph. It must be my English.
My post you said was wrong was NATIONAL numbers. So yes, it’s a national graph.
Here comes the cavalry!!!
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Sweet!!!
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