Join Summit Properties NW’s Sean Reynolds as he discusses the 2018 tax changes with Fairway Independent Mortgage’s Dan Chapman.
I’m Sean Reynolds from Summit Properties Northwest and Reynolds and Kline Appraisal and today I have with me Mr Dan Chapman of Fairway Independent Mortgage and this is kind of a real quick video that we’re shooting on the impacts of some of the changes that happened with the 2000 and I guess it’s 2018 tax laws. So give us maybe like three top highlights of what happened with the tax laws that recently got, got changed. So number one is the mortgage interest deduction is now capped at $750,000. So if you have a loan for $800,000, you can deduct $750,00 of that interest. Um, so that’s the number one cap. Number two is home equity debt. You’re not going to be able to duck that anymore unless it was used for the acquisition of the property. So if you just took out a straight home equity loan doesn’t count.
If you used it to buy the home, you would be able to deduct that interest. Right, right, so if you took out a home equity loan and you want to consolidate that. Or um buy another property, use some equity to buy another property, you know, you wouldn’t be able to deduct that interest as your primary residence interest deduction. Um, so that’s, that’s the number two thing. And number three is the property tax deduction. You know, we can all deduct our property taxes on our primary residence that’s now going to be capped at $10,000 a year. So most people’s property taxes for the most part are less than $10,000 a year, you know, it’ll affect the, you know, the wealthy a little bit. But I think your average people that pay property taxes are paying less than $10,000 a year. So. Ok, well Dan, thanks so much for sharing that information. Really appreciate it.
Um, anything else that you can think of or that we should know about the tax change laws? No, I think those three are the basic things that you know are going to go into effect for 2018. Right, and talk to your CPA if in question. Yeah, for sure we’re not CPAs. Talk to your CPA if in question. Again, I’m Sean Reynolds from Summit Properties Northwest and Reynolds & Kline Appraisal. And Dan, thank you so much for sharing with us the tax information. We’ll put your information at the end of this video, so that if people have questions regarding the impact of mortgage, mortgage insurance, that kind of thing, since you’re a mortgage guy with Fairway Independent Mortgage, they can reach out to you. Sounds good. But again, thanks so much. Thank you. And we’ll see you in the next video. Bye.