From FoxBusiness.com….
President Biden has said he intends to raise certain tax rates – but could real estate rates be affected by his potential changes to the tax code?
The Tax Cuts and Jobs Act imposed a number of measures that affected property owners, including a $10,000 cap on state and local tax deductions and a lower limit on the mortgage interest deduction – instead of $1 million, taxpayers can only deduct interest on loans valued at a maximum of $750,000.
There is a big push among Democrats to repeal the $10,000 cap on state and local tax deductions. The cap hurt a lot of homeowners in blue states, some of which have higher tax rates.
