Burt M. Polson - Commercial Real Estate Broker

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Real Estate Applications of the Tax Cut and Jobs Act

Mortgage Interest Deductions (For taxpayers who itemize)

  • The mortgage interest deduction for existing mortgages of up to $1 million (for principal residence and second homes, combined) taken out before December 15, 2017, will not be affected. Homeowners may also refinance mortgage debts existing on December 14, 2017, up to $1 million and still deduct the interest, so long as the new loan does not exceed the amount of the mortgage being refinanced.
  • For any new loans as of January 1, 2018, (for principal residence and second homes, combined) the deduction will be limited to interest on $750,000 of principal.
  • The interest on home equity loans will only be deductible if the proceeds are used to substantially improve the residence.
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Do You VRBO?

Most of you are already aware of the law that requires homeowners to obtain a permit from the City of Napa in order to legally rent rooms to visitors for stays shorter than 30 days. But, did you know that neighbors are allowed to appeal that decision? The following article reports on one such dispute. Do you or someone in your neighborhood rent your home on a vacation rental site such as VRBO or AirBNB? What are your thoughts? Do you agree that homeowners should be required to obtain permission from the city? 

My 3-part article titled "10 questions to consider before renting out a room" takes an in depth look into this issue and can be found here: Part 1Part 2Part 3

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