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Because the Tax Cuts and Jobs Act of 2017 increased the standard deduction to a level where far fewer taxpayers itemized their expenses (which is where they deduct mortgage interest), the cost to the federal government of the mortgage interest deduction was decreased by 60%, from approximately $60 billion in 2017 to $25 billion in 2018. [44] [45]
In highly appreciating markets, people may take the opportunity of selling their personal residence (where no capital gain is due below $250,000 for a single person or $500,000 for a married couple—see Taxpayer Relief Act of 1997) and moving into a former rental property for a specified time period in order to turn it into their new personal ...
The difference of a quarter- or half-point of interest on your savings account is a blip in time, especially if you’re focused on applying for a 30-year mortgage. “Buying a home is a long-term ...
WASHINGTON (AP) — U.S. mortgage rates rose this week to the highest level since July. The benchmark 30-year fixed rate loan rate rose to 6.91% from 6.85% last week, according to mortgage giant ...
The bill states "... a lender may not exercise its option pursuant to a due-on-sale clause upon ... a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property[.]" (The Garn st Germain Depository Institutions Act of 1982, (U.S.C.) 1701j-3 ...
Reverse mortgage. A home equity conversion mortgage — or reverse mortgage — is designed for homeowners ages 62 or older. You borrow money from your home’s equity as a loan, but no monthly ...
Last month, the IRS issued official notice that for calendar year 2024 the dollar-limit threshold would drop to $5,000 and further announced the 2025 threshold would be $2,500. Only in 2026 is the ...
The Washington Street Historic District encompasses a residential area of Middletown, Connecticut that has a long history as a fashionable and desirable neighborhood. Extending along Washington Street and Washington Terrace between Main and Jackson Streets, the area has a broad diversity of residential architecture dating from 1752 to 1931 ...