A majority of recently surveyed homeowners say that changing homeownership tax incentives would restrict their mobility and cause them financial strain, according to new data from the National Association of REALTORS\u00ae\u2019 fourth-quarter Housing<\/a> Opportunities and Market Experience survey.<\/p>\n Learn More About Tax Reform<\/strong><\/p>\n How Tax Reform Affects Homeowners in Each State<\/p>\n Side-by-Side Comparison of House, Senate Tax Reform Bills<\/p>\n Take Action: Contact Congress About Tax Reform<\/p>\n<\/blockquote>\n Proposed tax bills currently in the House and Senate could \u201cundercut the incentive of owning a home and would have a detrimental effect on many homeowners\u2019 financial situation and future desire to move,\u201d NAR states on a release about the survey\u2019s findings.<\/p>\n The current House and Senate bill weaving its way through Congress differs in content, but includes a call to limit the mortgage<\/a> interest deduction on new mortgages and eliminate it outright for second mortgages and new home equity lines of credit. The bill also contains potential implications for the capital gains exclusions on the sale of a principal residence and caps on property taxes.<\/p>\n Eighty-five percent of the homeowners surveyed by NAR say they would deduct both mortgage interest and property taxes if they bought a new home. Forty-eight percent of homeowners surveyed say that if changes to the tax code are made they would experience financial strain due to the changes. Also, 30 percent say they would then be reluctant to move.<\/p>\n \u201cHomeownership is an aspirational goal for millions of Americans, but getting there isn\u2019t always easy,\u201d says NAR President Elizabeth Mendenhall. \u201cMiddle-class families count on tax incentives like the mortgage interest deduction and the state and local tax deduction to make homeownership a more affordable prospect. REALTORS\u00ae\u00a0will continue to advocate for these and other important provisions as the tax reform debate continues.\u201d<\/p>\n NAR\u2019s full findings from its fourth quarter HOME survey will be released Dec. 18.<\/p>\n \u00a0<\/p>\n Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<\/div>\n Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"\n
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