Today on Dear Claire, Heather joins us to discuss 2018 property taxes (covered in 60 seconds! HA!)
We are going to talk about how the new tax laws affect your primary residence. Always keep questions coming to us because we work pretty closely with different real estate, lawyers and CPAs to get a better understanding of the tax law. We can refer to you tho for assistance at anytime.
So frankly, even CPAs aren’t exactly sure what the heck’s going to happen with the new tax law. Most people are worried if I will still be about to write of the interest that I pay every month to my lender. That is not going to change unless your loan amount is over $750,000. A loan amount under $750,000 and there is no change.
The total amount of property taxes you’ll be able to write off is $10,000. That includes a combined of total amount of property taxes, should you own more than one property. Should you own property and the total property taxes are $15,000 – you’ll only be able to write off $10,000. For most of Portland, and Oregon for that matter, this will be no change.
Lastly, our understanding (and we have to confirm this) is that there are no changes to tax rules around investment property. We recommend touching base with a CPA prior to filing your taxes.
Let us know if you need a referral. We’re always here to help.
Good luck with those taxes. Take care.