The following is a letter to members of Congress regarding pending tax reform legislation from the National Association of Realtors.
To Members of Congress
Re: Provisions to Improve Tax Reform for Homeowners As a REALTOR and your constituent, I urge you to push the House-Senate Conference Committee on the tax reform bill to strengthen the protections for consumers and homeowners. Building on the progress of the Senate bill, please support the following provisions for inclusion in the final legislation:
Mortgage Interest Deduction: Retain current law to maintain a total cap of $1 million on primary first and second homes.
Capital Gains Exemption: Retain current law of exempting gains of up to $250,000 for single filers and $500,000 for joint filers for primary residence lived in for two of the past five years of ownership.
These provisions would add needed protection to current and future homeowners and strengthen the ability of qualified American families to purchase a home. Please add these provisions to protect middle-class homeowners and the American Dream of homeownership.