Dec. 14, 2017
Normally, we keep the politics out of our everyday business practices and what we share with you on our social media and in our communications with you! However, the current tax reform proposed by Congress contains some very bad provisions to homeowners in Illinois and across the country!
STATE AND LOCAL PROPERTY TAXES
The original version of the recently passed Senate Bill on the tax reforms originally was scheduled to eliminate in the ability for homeowners to be able to deduct state and local property taxes on their residence. During some extensive lobbying to Realtors and the National Association of Realtors, a last minute amendment was introduce on the final day prior to passage to continue allowing up to $10,000 of your property taxes to be itemized in your annual tax filings. While, this may be acceptable and a decent compromise to many homeowners across the country. Homeowners in IL and City of Chicago may have property taxes that exceed $10,000 annually We request that you help take action by contacting your legislators to ether increase the property deductibility to its current ability to deduct the full amount or at minimum increase it above 10,000 so all IL homeowners can continue to benefit from their home ownership investments and keep their hard earned money.
MORTGAGE INTEREST DEDUCTIBILITY
The interest that you pay on your mortgage currently is fully deductible. While the Senate version of the bill did not make any changes to this area, it can however be reduced or removed during the joint House-Senate Conferee between the House version of the Tax Reform Bill and the Senate's Version before it can be passed and sent to the President's desk for final signature. We request that you help take action by contacting your legislators to keep this provision of the tax code its current state!
CAPITAL GAINS EXCEPTIONS
Capital Gains Exemption: Retain current law of exempting gains up to $250,000 for single filers and $500,000 for joint filers for primary residence lived in for two of the past five years of ownership.
The capital gains exceptions are currently in place and applies when you sell your home. Currently, the tax laws allow you to avoid capital gains completely for primary residence up to $250,000 for single filers and up to $500,00 for joint filters from the sales proceeds of your home!
Its easy to take action to inform your legislators on how you want them to support you as a homeowner during this joint House-Senate Conference! Just click on the link below to send them a pre-formatted letter asking them for their support to you as a homeowner in Illinois on these 3 important issues to protect your investment and your hard earned dollars.
If you have questions about how these affect your household or the value of your home, feel free to contact one of our real estate brokers at C&C Realty Group, Inc - LoftsNHomes who are all members of the National Association of Realtors and have been fighting and advocating for your home ownership rights! You can also sign up for our brokerage newsletter to stay up too date on various issues affecting homeowners and real estate.