In Washington, DC, the House and Senate have each passed their own versions of Tax Reform. Now, those bodies are meeting to do what REALTORS® do every day - negotiate. As the two sides meet for negotiations, we need to stand together as REALTORS® to encourage them to do two things:
1. Retain the current law on Mortgage Interest Deduction to maintain a total cap of $1 million on primary and secondary homes; and,
2. Retain the current law on Capital Gains Exemption of up to $250,000 for single filers and $500,000 for joint filers who lived in a primary residence for two of the previous five years.