Steven Wolfe
Professional REALTOR
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Welcome to New Jersey's Premier Statewide Brokerage
A Home For Sale Realty
http://www.ahomeforsalerealty.com
Ofc: 800 236-2360 Be sure to ask for Steven Wolfe at ext: 822

Best way to reach me is by:
Cell: 973 626-6863, Fax: 206 202-2894
email: Steve@CondoSpectrum.com
 http://www.CondoSpectrum.com

 

 

 

Read how the Federal Tax Reform changes will effect your home value and mortgage interest deductions. The full report has been completed by the President's advisory panel and is available for download from site http://www.taxreformpanel.gov/final-report/. Below is the table of contents of the report from which you can download each section from. Familiarize yourself with all of the proposed changes as these may have significant impact on your future financial situation. Please contact your government representatives to let them know how you feel about these proposals.

The Current System - Home Mortgage Interest

Deduction available only to itemizers for interest up to $1.1 million of mortgage debt

How the Tax Code Would Change – Home Mortgage Interest

Home Credit equal to 15% of mortgage interest paid; Available to all taxpayers; Mortgage limited to average regional price of housing, (limits ranging from about $227,000 to $412,000)

 

 

 

 

Proposals to Fix America’s Tax System

Table of Contents

Introduction .................... i
Executive Summary .................... xiii
Chapter One: The Case For Reform .................... 1
Chapter Two: How We Got Here .................... 11
Chapter Three: Tax Basics .................... 19
Chapter Four: Our Starting Point .................... 41
Chapter Five: The Panel's Recommendations: .................... 59
Chapter Six: The Simplified Income Tax Plan .................... 107
Chapter Seven: The Growth and Investment Tax Plan .................... 151
Chapter Eight: Value-Added Tax .................... 191
Chapter Nine: National Retail Sales Tax .................... 207
Appendix .................... 223

In addition, check out this great web site, MORTGAGENewsDaily, for following Real Estate trends and mortgage products. As for better understanding how the mortgage interest deduction might affect you in the new tax reform proposals, they have an excellent discussion thread entitled: "President Bush Tax Panel Recommendations Go To Executive Branch"

<<Click on this link>>