Upcoming changes in real estate transactions are imminent following the resolution of significant class action lawsuits involving sellers and the National Association of REALTORS® along with numerous leading real estate firms nationwide. These changes will have implications for sellers, buyers, and agents alike.
The tax benefits of owning both a first and second home can be significant, with the IRS allowing taxpayers to deduct interest and property taxes on both properties as itemized deductions on their tax returns, albeit with certain limitations. Interest deductions are limited to the amount of debt incurred to buy, build, or improve the first and/or second home, with a maximum cap of $750,000. Property taxes, falling under the limitation of state and local taxes as set forth in the TCJA of 2017, are capped at $10,000 per year.
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