1. Mortgage Interest Deduction - For most folks, this is still a deduction. The new code does limit the interest on the debt to $750,000 instead of $1 million for homes purchased after December 15, 2017.
2. Property Tax Deduction - The amount that someone can reduce their taxable income by is now limited to $10,000 for the cost of property taxes, and state and local income taxes or sales taxes.
3. Home Equity Deduction - The new tax code eliminates interest paid on a home equity line of credit debt.
4. Mortgage interest deduction for second homes - Homeowners can still deduct the mortgage interest on a second home subject to limits on #1 above.
5. Moving Expenses - Former law allowed deduction of some moving expenses for a new job. Beginning in 2018, only active duty military can take this deduction.
6. Captial Gain Rule - The amount you can exclude still is $500,000 (married couples / $250K for singles) and remains unchanged on only needing to have used the home as a primary residence for two of the past five years and not using this exclusion in the two years before the sale of the home.
7. Casualty Losses - are only allowed on losses attributable to a presidentially declared disaster.
Not addressed in the new tax code is the Mortgage Forgiveness Relief Act of 2007 that expired on 12/31/2016 which gave tax relief for folks who had mortgage debt discharged for a foreclosure, short sale or other mortgage forgiveness.
2017 4th Quarter Market Report
Overall the inventory continues to be low with prices ticking up in some areas of town Both the average sales price and median sales prices are up allowing some people who had been previously underwater the ability to sell.
For Our Market Update CLICK HERE
Absolutely Gorgeous and Immaculate 5 Bedroom Home on over ½ acre in Oro Valley. This luxury home is backed to open space and features a Gourmet Kitchen with double stainless ovens, over stove microwave, gas range, kitchen island with sink and good sized pantry with gorgeous granite counter tops. Beautiful concrete floors throughout. Split bedroom plan with large master suite with on suite master bath with dual sinks, separate shower/tub and HUGE walk-in closet! Master bedroom has private access to back yard. Guest rooms are good sized! Formal living and dining rooms. Big three car garage has extra storage and space for a small shop! Resort like back yard has large covered patio and hardscape perfect for entertaining and sparkling pool & spa. Great Views!
Overall the market continues to improve. Depending on the area of town, certain areas have more appreciation than others.
The average sales price is up 14.17% in the past 12 months and the median price is up 16.24%. The inventory hit a low 3338 units in July, which we haven't seen since about February of 2005. It has been increasing every month since.
Get our entire Market Update HERE
The Equifax Data Breach is a huge issue! We immediately put out a special newsletter to our past clients alerting them to the issue. We checked ourselves on the Equifax site and it did indicate that our information was breached.
Equifax (one of the big 3 credit reporting credit bureaus) had a major data breach in May and July. They just announced it to the public in early September.
More than 143 million person’s records were exposed to include social security numbers, birth dates, addresses, driver’s license numbers, credit card numbers, and other information.
This information makes it easy for criminals to commit identity theft.
1. Stealing your tax return and attempting to steal your refund
2. Use your information to get health care, which may result in medical collections and their information can be mixed with yours.
3. Giving your information to the police when they get arrested and creating a criminal record for you and might get you put in jail or prevent you from getting a job.
4. Filing bankruptcy in your name or transferring deeds of property you own.
You can check out the site http://www.equifaxsecurity2017.com website – enter your last name and last 6 of your social to see if you might have been impacted, or
Call them at 866-447-7559
Equifax is offering free credit monitoring for up to a year. However, with this data breach, your risk may be for many many years into the future.
Other services providing credit monitoring include http://www.identifyforce.com, color: #2baadf;" href="http://www.protectmyid.com/">http://www.protectmyid.com, and Lifelock.
There has been some debate over 'Should you freeze your credit'? This takes you contacting each of the three credit bureaus and paying a small fee to each. This would prevent any new accounts being opened up and may prevent headaches down stream if someone does open up new credit. The problem is that if you need someone to look at your credit, like a new or existing creditor, you must re-contact each credit bureau and pay another fee to lift the freeze then pay another fee to reinstate the freeze.
To freeze your credit:
Equifax: 1-800-349-9960 or visit freeze.equifax.com
Experian: 1-888-397-3742 or visit www.experian.com/freeze
Transunion: 1-888-909-8872 or visit freeze.transunion.com