tax deductions homeowners, homeowner tax deductions, real estate lawyer, the new tax bill

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Just prior to Christmas this past year, the House of Representatives and the Senate passed tax overhaul legislation, which was sent to President Trump’s desk for signing. While the tax bill is primarily aimed at income tax and corporate tax passthrough adjustments, real estate attorneys have been hard at work analysing the bill’s tax deductions for homeowners. Among the highlights of the tax bill include standard deduction increases set to sunset in several years as well as deep cuts in the corporate tax rate from 35% to 21%. From all reports, the tax bill encompasses the Republican vision of a trickle-down economy. However, what has not garnered as much attention is the effect of the tax bill on the real estate and housing market at large.