Tax Law, Rick Newman, New York discussed on This Morning with Gordon Deal

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End up in a lower tax bracket we're speaking with yahoo finance columnist rick newman about the people expected to be among the losers under the new tax law what about the limits on mortgage interest deduction bility while he doesn't affect anybody within existing mortgage amp important for people to understand nobody needs to freak out based on no decision you made three or five or ten years ago to buy a house of your if your existing mortgage everything stays the same for uh for people buying a new houses and taking out mortgage uh the current limit uh for tax deductibility is on mortgages with up to a million dollars uh in uh low in alone balancing that gets lower to seven hundred fifty thousand dollars now that that's that is only going to affect wealthy people obviously because if you're taking out alone that large uh that's a big house sets a big an expensive house but there could be areas where that affects um the resale value of homes that just so happened to be in that price range because buyers could very well uh say look i am uh i have to take out a mortgage to by this house i need you to lower the price set of that um i can so that the entirety of the mortgage ends up within this deductibility so and so there could be this sort of people who own homes where they're right on the cusp of that lending amount who could find that there's a lot of downward pressure on the price of their home and they might not be able to sell for what they want rick yahoo finance columnist rick newman who's based in new york this portion of the program is brought.

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