Tax Time And Homeownership

Tuesday, March 19, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
The deadline to file taxes is less than a month away, and for some homeowners the new tax code has changed what to expect when filing their taxes. As with all financial matters, it’s recommended that you consult a certified professional. 

The new tax code doesn’t automatically mean that your taxes are going up, but there are some significant changes that homeowners should be aware of.  The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer be able to.
The new law caps the mortgage interest you can write off at loan amounts of no more than $750,000. However, if your loan was in place by Dec. 14, 2017, the loan is grandfathered, and the old $1 million maximum amount still applies. Since most people don’t have a mortgage larger than $750,000, they won’t be affected by the cap.

Some other highlights of the new tax code are:

1. Single people may get more tax benefits from buying a house. Evan Liddiard, a CPA and director of federal tax policy for the National Association of REALTORS® says. “Single people can often reach [and potentially exceed] the standard deduction more quickly.”

2. Student loan debt is deductible. Now, up to $2,500 is deductible if you’re repaying, whether you itemize or not.

3. Charitable deductions and some medical expenses remain itemizable. If you’re generous or have had a big year for medical bills, these, added to your mortgage interest, may be enough to bump you over the standard deduction hump and into the write-off zone.

4. If your mortgage is over the $750,000 cap, pay it down faster.  Homeowners can add a little to the principal each month, or make a 13th payment each year.

Again, each person’s circumstances are different, so be sure to consult a tax professional to help navigate this new tax territory.

Home Builders Association Women Raise Hammers And Funds For Local Habitat For Humanity

Real Estate Transfers For June 13-19

Greater Chattanooga Realtors Partner With Habitat For Humanity


This spring women from across the Chattanooga area raised their hammers at a Habitat for Humanity construction site in Alton Park to help build a dream home for local resident Vanester Steele ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)

Since 2014, Greater Chattanooga Realtors has been committed to an ongoing partnership with Habitat for Humanity of Greater Chattanooga to build homes and give back to the community. As part ... (click for more)


Real Estate

Home Builders Association Women Raise Hammers And Funds For Local Habitat For Humanity

This spring women from across the Chattanooga area raised their hammers at a Habitat for Humanity construction site in Alton Park to help build a dream home for local resident Vanester Steele and her two teenage children. "During their second year of participation in National Women Build Week, members and staff of the Home Builders Association of Greater Chattanooga once again ... (click for more)

Real Estate Transfers For June 13-19

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

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