Trump’s Tax Changes Impact Homeowners | ELEETE Moving Trucks Reserved for Active Clients
Whether you are an existing homeowner or a soon-to-be homeowner, you should fully understand how the new 2018 tax laws will affect your current home, or your home purchase, and how it may limit your ability to write off interest and taxes on your future tax returns.
The key components that one should understand are as follows:
- If you own a home today and have a mortgage loan of more than $750,000, you can deduct your interest expense without limitation. If you have a second home, you can write off that interest without limitation as well. However, beginning in 2018, if you obtain a new loan or buy a new residence (or second home), you will only be able to write off home mortgage interest on loans up to $750,000. If you have a second home, the two mortgages would be combined for your total.
- In the past, if you had property taxes on your current home of $16,000 per year, you could deduct the entire tax bill. Additionally, if you had a vacation home with another $6,000 in annual taxes, you could deduct the entire $22,000 on your federal taxes. Moving forward in 2018, that deduction will now be capped at $10,000. The limit on itemized deductions of all property taxes added together is now $10,000.
There are many variables that go into tax law and ultimately you should inquire with your tax accountant.
For a more personalized look at how the new tax law affects you, read the MONEY Magazine article Here.
ELEETE Moving Trucks Reserved for Active Clients
In 2005, Lee Davies as an individual Realtor, bought a moving truck to offer to his clients as a “Thank You” and a complimentary service. In 2007, when Lee opened Lee Davies Real Estate, that offering was part of the company offering and included allowing our clients to have ongoing access to the trucks well after the sale. In 2012, with 18 agents, the company then purchased a second truck and has maintained that policy for the past 6 years. All past clients have had the ongoing ability to use our moving trucks.
Fast forward to 2018, ELEETE Real Estate now has 38 Realtors and has served nearly 500 families in 2017. Upon further review of the truck usage among all our clients, we have found that the truck is being used at maximum capacity. Unfortunately, the company no longer has the capacity to provide the moving trucks to all of our past clients without building a fleet of trucks and hiring a full-time truck manager. Therefore, our trucks will now be solely reserved for our current active buyers and sellers.
Our focus, first and foremost, is the representation of buyers and sellers in the acquisition and sale of their real estate. We pride ourselves on “knowing” the industry and want to continue our excellence in the area of consulting and service. Becoming a mock truck rental agency is not a part of our core values. That said, it is a service we plan to continue offering to all our active buyers and sellers. We appreciate your understanding.