The process of tax reform has officially started with the release of the first draft of the House tax reform bill, dubbed the Tax Cut and Jobs Act. At this point the House Republican tax reform proposal does three things that the real estate industry doesn't like. First, it limits the mortgage interest deduction to $500,000 (down from a million) and to primary residences only. Similarly, doubling the standard deduction means fewer people will itemize, meaning fewer will use the mortgage interest deduction. Don't listen to the real estate industry; they will be just fine if the Tax Cut and Jobs Act passes.

Source: Forbes November 06, 2017 13:52 UTC