TAX REFORM

President's Advisory Panel for Federal Tax Reform
President’s Advisory Panel for Federal Tax Reform (Photo credit: Wikipedia)

On the National front the package for tax reform is still considering eliminating the mortgage tax deduction which will be a bitter blow to many middle and low income homeowners and they are also considering eliminating 1031 Exchange deductions.  NOTHING has been decided but it is LOOMING on the horizon.  Another thing legislators are considering is requiring a 20% down payment for loans and FHA is contemplating increasing down payment requirements from the current 3.5% to 5%.  This will really hurt the first time buyers!

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