• Idaho Home Realty Blog

    Wednesday, December 20, 2017   /   by Michael Christianson

    Congress passes Tax Cuts!

    Here are a couple of changes to the Tax bill Congress just passed that include the following improvements:

    • Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.
    • Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.
    • State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether.
    • Pass-through entities. The bill significan ...

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    Tuesday, December 12, 2017   /   by Michael Christianson

    Home Prices are falling!

    Home buyers watching their pocket books: Existing-home prices are continuing to drop!
    The median price of an existing home (i.e. one that has previously been lived in) fell 0.24% from September to hit $247,000 in October, according to the most recent National Association of Realtors® report. And as cash-strapped would-be buyers are well aware, every little bit helps.

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