TONITE!! The Ale House
CALL FOR ACTION STILL IN PLAY!
This is urgent, please read why:
NAR is OPPOSED to the tax reform legislation unveiled in the House last week. This bill is a direct threat to consumers, to homeowners and to our businesses. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted.
What the Legislation Would Do:
Caps the mortgage interest deduction at $500K for new mortgages- Cap applies to new mortgage debt (but not refinancing) incurred after November 2, 2017. Limit is not indexed to inflation causing its value to even further diminish over time.
Increases the standard deduction- Puts homeownership tax incentives beyond the reach of more than 90% of American families.
Limits the exemption on Capital Gains Tax from the sale of a primary residence- New rules would require homeowners to live in their home for 5 of 8 years before a sale to qualify for the exemption, versus just 2 of previous 5 years today. This will create a hardship to homeowners who have to move inside that five-year window. Exemption phases out for single filers with incomes over $250K ($500K for joint returns).
Eliminates the deduction for state and local income or sales taxes.
Eliminates the Mortgage Interest Deduction for second homes.
Eliminates the deduction for moving expenses.
Eliminates the deduction on interest on student loans.
Eliminates the deduction for medical expenses, even for the elderly.
All this from a bill that is supposed to improve the current system. Not only is this legislation a clear and present danger to American homeownership, it will cost our children and grandchildren $1.5 trillion in new federal debt.
· Millions of middle class homeowners would see a tax hike under this plan.
· This plan attacks homeownership and sticks future generations with a $1.5 trillion price tag.
· America’s homeowners should not pay for corporate tax cuts.
· Hard-working homeowners will lose money when their home values fall, while corporations will get a huge tax break.
· Homeowners in all 50 states would be double-taxed on the money they pay for state/local taxes.
· If you buy a home and then have to move within 5 years, you could be hit with a big tax bill under this plan.
GNAR is leading the state with our association having a 29.88% response rate presently. We can still do better! If you have not yet responded, PLEASE do so today.. Take Action Now!
Broker OH Thursdays each week
Check MLS PIN each week for broker OH listings. Please schedule accordingly in MLS PIN … Newburyport listings are 10-11am, outside Newburyport 11-12, and luncheons 12noon on. More details on setting up your listing can be found on the tab CARAVAN on this page.
Next Monday and Tuesday – RENE
Real Estate Negotiation Expert
(NAR Approved Certification)
2-day Program is $299
GNAR is pleased to provide a two-day certification program with Jody O’Brien, on Real Estate Negotiation Expert. This course is approved by the National Association of REALTORS® under their REBI (Real Estate Business Institute) Division and is the only NAR approved negotiation program. Course is 2 full days, from 9-5pm. Upon completion you are then eligible to register for the credential of RENE, with a one-time fee of $159. Note: Registering for the credentials is optional. Course also offers 2 hours of MA CE credit.
For more information from the NAR visit:
SAVE THE DATE!!!
Our Holiday Party and Installation of Officers will be Thursday November 30 at the Blue Ocean Event Center in Salisbury. A great night is planned, registration will open later this week. Sponsorships are available and details on levels available were emailed to our affiliates yesterday.
Starting at 5pm, you’ll be able to view the Festival of Trees upstairs – for no charge – and GNAR will be hosting a tree. Then at 5:30pm the party starts!!! We are seeking gift card donations from each of our member offices to make the tree extra special this year. Maybe you’ll win a tree?
Only real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® may call themselves REALTORS®. All REALTORS® must subscribe to NAR’s strict Code of Ethics, which is based on honesty, professionalism and the protection of the public.