Changes to Real Estate Tax Right-offs?

Last week, the President’s Advisory Panel on Tax Reform informally agreed that tax law should limit the home mortgage interest deduction to the interest paid on the first $300,000 or $350,000 of a mortgage. This is especially significant here in San Diego where mortgages are generally larger and where State lawmakers may follow any new Fed changes with new state taxes. The panel will issue its final recommendations on November 1. The panel is suggesting a transition period during which current homeowners could take advantage of laws as they existed when they bought their homes. Be sure to visit: San Diego real estate website, my San Diego for Sale by Owner real estate site and the new San Diego cosmetic surgery doctors directory.