November 17, 2024 3:17 pm
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Tax reform proposals could cause home ownership to wane

By Gabriela Rico | Arizona Daily Star

Industry leaders fear if taxpayers don’t use the mortgage interest deductions, fewer people will want to buy a house and for sale signs will hang longer.

While the local housing market is enjoying a recovery, tax reform proposals coming out of Washington are stoking fears about a damper on recent gains.

Among the changes being proposed is an almost-doubling of the standard deduction — from $12,600 to $24,000 for a married couple filing jointly.

Related: Flagstaff property values still on upswing but slowing down

The Tax Policy Center predicts more than 80 percent of taxpayers would opt for the standard deduction, versus itemizing to get a tax break on their mortgage interest.

Continued:

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.