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Real Estate in West Palm Beach FL | New Tax Bill Will Impact Real Estate Market

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The most wide-ranging reform of the United States’ tax laws in more than three decades is going to affect the real estate market as well, but according to experts, it will be for the better, especially when it comes to real estate in West Palm Beach FL.

While the new $10,000 cap on property tax deductions was concerning to some homeowners, the reform still allows the sellers’ capital gains exemption, which excludes the first $500,000 in profits for couples and the first $250,000 for single filers when they have lived at the home for at least two years.

The new law makes changes to mortgage interest deductions, which allows homeowners to subtract the interest on their loans on first and second homes. Interest paid on home-equity loans won’t be deductible. While the deduction will remain at $1 million for first homes purchased before December 15, the cap will be lowered to $750,00 and will no longer include second homes.

The Congressional Research Service reported Florida was among the 10 least likely states where tax returns claimed the mortgage interest deduction. Without a broad-based income tax, Florida could actually be at an advantage. Many in the real estate world believe the new law will have “a minimal or no impact on the sale of luxury properties and real estate will continue to appreciate at a high single-digit rate”.

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