Analysis by Barbara Byrne Denham
The Tax Reform and Jobs Act signed at the end of 2017 was groundbreaking in several ways. The biggest change – the elimination of state and local tax deductions – led many pundits to speculate that residents of high-tax states such as New York and California would move to lower tax states such as Texas and Florida. Another provision – doubling the standard deduction – partly erased an incentive for buying a home as those securing a mortgage below a threshold of $400,000 would find their new mortgage interest deduction was both below the standard deduction AND subject to a cap of $10,000. Buying a home is still a worthy lifelong goal for many, but the changes to tax deductions upended the rent vs. buy equation overnight...
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Barbara Byrne Denham is a Senior Economist in the research and economics department at Reis, the team responsible for the firm’s market forecasting, valuation, and portfolio analytics services. Throughout her 20-year career, Barbara has written a number of white papers on the commercial real estate market.
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