Biden’s Tax Plan: Are Real Estate Tax Changes In The Mix?

President proposed various provisions on campaign trail that could affect real estate industry



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.

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