The recent federal tax reform is a complicated, multi-faceted act that changed many things for the 2018 tax year. It can be hard to fully wrap your mind around it, but we have a few bullet points related to the housing market that we would love to share with you today to help you understand it a little more!

The biggest thing that changed related to housing is the itemized deduction for property taxes. The itemized deduction for property taxes has been capped at $10,000 under the new rules. For many people, this did not change their tax situation at all because their property taxes are already below $10,000. For most areas in Texas, your home would have to be valued at over $300,000 for this to affect you.

Another change affecting the housing industry is the itemized mortgage interest. Again, luckily this change should not impact anyone with a mortgage of less than $750,000.

With all of that said, the majority of people buying a Stylecraft home in 2018 should not be negatively affected by the Tax Reform! Our homes offer a luxurious feel that is still well below the price-point impact of this bill. So, fear-not native Texans, we’ve got you covered! As for those looking to relocate and who are interested in up-and-coming areas with growth, opportunity, great schools, and affordable living… we’re the ones for you!

Please note that we are not tax professionals and the above is not meant to provide advice. We recommend you speak with a tax professional regarding specific circumstances, as they may vary.