New Tax Act: Should You Be Worried?
Filed under: Temecula Real Estate
Over the past few months, there has been a lot of talk about the new tax act that has passed in Washington. How will these changes affect your family finances and your ability to buy a home in the future? These tax laws could have an impact on the amount of taxes that you are paying each year, which will have a domino effect on the money that you can spend on housing and living costs.
The new tax law has a larger standard deduction. But, some of the standard mortgage interest deduction features and other itemized details have been taken out. So, how does this play out for someone who is looking to buy or rent a home?
Given the home values in our local valley here in Temecula, it is still advantageous for someone to buy a home instead of renting. If you want more details on the specifics, send me an email. I’ve got a great .pdf that breaks down the financial impact of buying vs. renting. This document is from CAR that outlines the anticipated numbers for an average family.
Do You Need to Worry About the New Tax Act?
Even though many people are anxious about the new tax laws, in my opinion, I don’t think there is much to be worried about. Based on the average income in our area, I think that this tax act will actually put more cash in most people’s pockets. As always, the best solution is to talk to an experienced accountant who can provide personal tax planning recommendations.
For more information about real estate in Temecula, call, text or email me any time. Also, don’t forget to send me an email if you would like to see the .pdf that compares buying and renting a home. I am always happy to help with your real estate questions: (951) 473-0390 or [email protected]