Proposed Tax Plan to Limit Mortgage Interest Deduction, Real Estate Provisions

This is an issue to be aware of, and to follow closely.

“We are extremely disappointed with several of the provisions contained in U.S. House Ways and Means Chairman Dave Camp’s tax reform draft released today, namely proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes. These proposed changes to the taxation of real estate will impact every single American, either directly or indirectly”

– National Association of Realtors® President Steve Brown

This information is based on a proposed tax reform draft released by U.S. House Ways and Means Chairman Dave Camp, not actually legislation.

You can read the full article here. Additional details can be found here.

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