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Residential real estate ownership may be impacted by new tax law

The future of homeownership in light of the new tax laws in the United States is up for debate. According to a recent survey, many individuals in the United States, including in New York, have concerns about how the new tax laws will impact their abilities to own residential real estate. However, at the same time, many homeowners indicated that they still plan to purchase homes.

More than 50 percent of the survey respondents said they were concerned or highly concerned about owning homes under the new tax laws. This is particularly true for wealthier home buyers or those in New York and other expensive markets, as mortgages that can benefit from interest deduction now must be $750,000 or less. Previously, mortgages as high as a million dollars could benefit from this deduction.

However, none of the survey respondents indicated they planned to put their home buying plans on hold due to the next tax laws. In fact, more than 29 percent said they planned to fast-track the buying process. Only a fifth of the respondents indicated they would spend more time on the home purchase process under the new tax laws.

Purchasing a home can be a thrilling endeavor, as it is one of the quintessential parts of the American Dream. However, making a mistake during the home buying process can be financially detrimental or even cost a potential homeowner his or her deal. An attorney can provide the needed guidance during a residential real estate transaction to avoid costly hiccups and make sure that a buyer's legal rights are safeguarded during the entire process in New York.

Source: realtor.com, "Americans Anxious About Homeownership Under New Tax Plan", Cicely Wedgeworth, Dec. 21, 2017

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