About the Tax Reform

On December 20th, Congress passed the Tax Cuts and Jobs Act. This is the first significant change to the U.S tax code since 1986.

Here’s what you need to know in 2018:

  1. Tax deductions allowed on mortgage interest have been reduced from $1M to $750,000.
  2. Personal exemptions have been eliminated, but standard deductions rose from $6,300 (single) and $12,600 (married) to $12,000 and $24,000, respectively.
  3. State and local income and sales and property tax deductions are now limited to $10,000.
  4. Capital gain taxes changed for everything except home sales. If you meet certain requirements, a single filer can exclude up to $250,000 or married filing jointly up to $500,000. Click here to learn more.
  5. Reform reduces the corporate tax rate from 35% to 21%.
  6. The tax brackets have changed a lot. Those in lower brackets will see a decrease in taxes.
  7. Go here to see details about the new tax code, such as deductions for student loan interest or medical expenses.

Once again, I am no tax expert and above information is for your information only. To find out more about the impact on your tax obligation, you need to consult with your CPA or Tax filer.

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Phoenix Home Prices up 6% since 2016

Phoenix home prices are continuing to rise, clocking in at a 6 percent year-over-year increase, according to a new housing report.

The S&P CoreLogic Case-Shiller index report released Tuesday showed that, through October, the Valley’s home prices were continuing an upward trend.

The region finished in the middle of the pack in terms of price gains when compared to the 20 metro areas the report uses.

Seattle and Las Vegas saw the most home value appreciation, hitting 12.7 percent and 10.2 percent year-over-year growth, respectively. San Diego was third with an 8.1 percent growth.

Lowest growth on the list was Chicago at 4.1 percent and Washington at 3.1 percent.

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Housing Market Continues Gaining Ground

Home prices shot up 7% year-over-year in October – up 0.9% from September. They are anticipated to rise 4.2% through October 2018.

As of Jan. 1, nearly every area of the U.S. will see FHA limits increase. FHA is required by law to set Single Family forward loan limits at 115 percent of median house prices, subject to a floor and a ceiling on the limits. With rising home prices, 3,011 counties will see increases in 2018.

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