Yesterday afternoon, the North Carolina Senate put forth yet another tax proposal that, among other things, limits home deductions to $15,000 for married filing jointly and $7,500 for those filing single. To quantify this, a couple living in the city of Raleigh, who recently purchased a home worth only $260,000 with a generous 20 percent down, would meet the $15,000 threshold. A taxpayer filing as single with 20 percent down would meet the threshold on a home worth just $150,000. Additionally, don’t be fooled by the Senate’s proposal to increase the standard deduction to $15,000. This comes at the expense of your itemized deductions. While the $15,000 cap on housing deductions may sound simply like a reduction, the cap is the same as the amount for a standard deduction in the new Senate plan -- eliminating the incentive for homeownership entirely. This kind of reform will seriously hurt the economy and destroy the dream of homeownership for many. It will deter all those who call -- and seek to call -- North Carolina "home." Please take 30 seconds to tell your legislators that you fully support home deductions - and that they should, too - by clicking here: https://realtorparty.realtoractioncenter/site/Advocacy?pagename=homepage&page=UserAction&id=2801&autologin=true. Sincerely, Patrice Willetts Mark Zimmerman 2013 NCAR President 2013 NCAR Legislative Chair
Posted on: Tue, 02 Jul 2013 12:53:10 +0000
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