The new tax law has many homeowners, or future homeowners, wondering how this law might affect them.
According to Market Watch, homeowners with larger mortgages and home equity loans should pay special attention to the new tax code. This new tax law was named the Tax Cuts and Jobs Act (TCJA) and adjusted 2 tax breaks for homeowners. The TCJA limits the itemized deductions for personal state and local property taxes as well as personal state and local income taxes to a combined total of $10,000. Deductions for personal foreign real estate property taxes can no longer be deducted either.
Check out MarketWatch to learn more about how this law could affect you and helpful tax planning tips.