Tax Plan Has Majority of Americans ‘Concerned’ About HomebuyingBy
U.S. taxpayers don’t share Wall Street’s enthusiasm about the tax bill passed yesterday by Congress, at least when it comes to housing.
Of the about 2,300 people polled on behalf of Realtor.com, more than half said they are now either “concerned” or “very concerned” about being a homeowner. About 23 percent of respondents said the tax bill wouldn’t change their plans to purchase, and about 57 percent said it would have no effect on their plans to sell.
The survey was conducted on Dec. 18 and 19, before the Republican-led Congress passed a tax overhaul measure that limits interest deductions to the first $750,000 in new mortgage debt for married taxpayers filing jointly, down from the current cap of $1 million. It also doubles the standard deduction, making it less likely for homeowners to itemize tax returns and deduct mortgage interest.