Blog :: 12-2017

Making Sense of some of the Tax Reform Changes

There have been a lot of questions surrounding the recent tax reform bill that was passed in Washington.  The National Association of Realtors had a lot of influence relative to the impact on aspects having to do with real estate, and managed to help protect essential and important homeowner benefits such as the exclusion for capital gains on the sale of a home, and the mortgage interest deduction for primary and secondary homes.  Those and other last minute changes to the Tax Cuts and Jobs Act of 2017 are as follows, in easy to understand terms:

  • Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion. 
  • Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit on primary and secondary homes. The House bill sought a reduction to $500,000. 
  • State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether. 
  • Pass-through entities. The bill significantly reduces the effective rate of tax on business income earned by independent contractors and income received from pass-through entities. This change will potentially lower the taxes of these types of professionals.

We will be publishing more information as it is made available, as the professionals and experts continue to decipher myriad details of the bill.  

  Source: National Association of Realtors  

Somebody To Love

Coldwell Banker has gone against the grain in the real estate category by highlighting the emotion rather than the transaction of home buying. There are no realtors shaking hands with new owners over a “sold” sign to be seen.

The advertising agency Siltanen & Partners in their award winning commercial tells the story of two lost souls finding each other at a pivotal time. The result is heartwarming on the grab-a-tissue level. Animals rescuing people, just as much as the other way around, isn’t a new concept for ads, branded content and PSAs. But it’s no less affecting in this case.

Ralph Waldo Emerson most notably penned the phrase “A house is made with walls and beams; a home is built with love and dreams.”

While a roof over our head provides shelter, it is the love inside the home that makes it a refuge. While the walls of a house protect us from the elements, it is the love inside the home that protects us from everything else. While the foundation of a house keeps our feet out of the mud, it is the love inside the home that carries us over all of the other obstacles in life.

At Coldwell Banker, our calling is to help people find a place to call home, and if love is what makes a house a home, we wanted our campaign to highlight how even the smallest of things can fill it with love. This year our campaign was created to remind everyone that home is the place where love resides, and those looking to add more love into their lives need only look at adding a small addition to it – a four-legged one.  A dog’s unconditional love, eternal forgiveness and innate ability to help you melt the day’s stress away is what can turn any day, regardless of its troubles, into a joyful occasion upon entering that front door.

The physical and emotional shelter that home provides is one of the single greatest investments anyone can make, and adopting a dog into it makes it even more valuable. Find out how you can help find homes for adoptable dogs through the Coldwell Banker Homes for Dogs Project at coldwellbanker.com/homesfordogs or locally at North Country Animal League (NCAL) our local shelter.

Whether love is represented by family, friends, passion or even a furry friend, we hope your home is filled with “Somebody to Love.”

 

 

The Gift of Giving

Most members of our community are touched everyday by a nonprofit organization in some way. Nonprofits build vibrant, sustainable communities, promote health and safety, celebrate and support the arts, and help protect our planet for future generations.

This holiday season there are many ways to show your support to the organizations that make our communities strong, whether you choose to contribute financially, or by volunteering.

The following are local organizations that Coldwell Banker Carlson Real Estate and/or our agents have been involved with or, there is always the charity of your choice.

"We only have what we give" - Isabel Allende 

The Gift of Giving