Potential Tax Reform Could Affect Home Buying

How Potential Tax Laws Could Affect Buying a New Home

If you’re planning on buying a home in Chevy Chase soon, you might have heard that Congress could change the current tax law that benefits homebuyers. Read more to see if you and your family could be affected.house

What’s the Issue?

The tax law in question has to do with individuals receiving a tax deduction for their mortgage interest. Lawmakers are thinking of doing away with the deduction, which could have negative consequences for many Chevy Chase residents who have bought – or plan to buy – a home.

What Are the Effects of This Potential Legislation?

The main worry about this aspect of tax reform concerns the effect on the US economy and middle-class families. Those that would have the most to lose from this proposal would be families who earn under $100,000. If the proposed legislation were passed, it is believed the new tax law would discourage home buying, which would ultimately cause more damage to the overall economy.

What Has Been Done About the Issue?

The National Association of Realtors has spoken out against the proposed tax reform in front of the U.S. House Ways and Means Committee. NAR feels that the measure would harm the nation’s fragile housing market, which could create future problems within the economy.

Questions About Buying a Home in Chevy Chase

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

 

Sincerely,
Melinda Estridge
melinda@estridgegroup.com
Long and Foster Realtors
Office: 301-657-9700