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You are here: Home / Homeowner Tips / Five Things to Know About California’s 2018 Tax Bill

Five Things to Know About California’s 2018 Tax Bill

January 10, 2018

Trying to sort out the key takeaways from the new tax bill?  Here are some of the important changes you should be aware of.  Contact us to discuss how the new tax laws may affect those of you who already own real estate or plan to purchase real estate in the new year.

California 2018 Tax Bill

1.Capital gains exclusion. In a huge win for current and prospective homeowners, the 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.

2. 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.  Filers who have mortgages issued before the Dec. 15, 2017, cutoff would be grandfathered in, and will still be able to deduct interest on up to $1 million of mortgage-related indebtedness.

3. State and local tax deductions (SALT). Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Under current tax law, there is no limit on how much state or local taxes can be deducted from your federal taxes.

4. Interest on Home Equity Lines (HELOCs):  Interest paid on home equity loans that aren’t considered home acquisition debt will no longer be tax deductible under the tax plan. Currently, homeowners can deduct interest on up to $100,000 of such indebtedness.

In the past, Americans have used their home equity to get low, tax-deductible interest rates on large purchases, even if they weren’t housing related. For example, one might use a home equity line of credit (HELOC) to purchase a luxury recreational vehicle at a cost of $100,000. Thus, the homeowner scores a lower interest rate (HELOCs are one of the least expensive ways to borrow money) and get the ability to deduct the interest from their taxes. The new tax plan closes this “loophole” for using home equity as a cheap source of consumer financing.

5. 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.

If you’re unsure of how these changes will affect you or the purchase of a home in 2018, give Danny a call at 949-413-6967.

Filed Under: Homeowner Tips, Real Estate Laws

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Danny Murphy & Associates

With more than 15 years of Southern California Real Estate experience, Danny is an expert in his field.

Looking to sell your home? Call Danny today to see how our industry leading marketing and exceptional negotiating skills can help you get more for your more.
(949) 413-6967
Danny@TheSoCalLife.com

dannyandassociates

OPEN HOUSE!! 19721 Topeka Lane, Huntington Beach OPEN HOUSE!!

19721 Topeka Lane, Huntington Beach 
- Saturday 8-13 from 1:00-4:00 p.m. 
- Sunday 8-14 from 1:00-4:00 p.m. 

Come out and see our gorgeous, recently renovated listing in Huntington Beach! We'll be here Saturday and Sunday showing off this beauty who just so happens to be in an ideal location right across the street from Newland park 🙌

Can't make the open houses? Give us a call to schedule a private tour: 949-413-6967

#togetherwearefirstteam #togetherwemakeadifference #firstteamsurfcity #forsale #ocforsale #caforsale #realtor #realestate #huntingtonbeach #hb #orangecounty #oc #ochomes #southerncalifornia #socal #socalhomes #surfcity #surfcityusa #beachlife #beachliving
Check out the bathroom on this new listing! 🙌🏻
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Danny and his Team were recently recognized as bei Danny and his Team were recently recognized as being ranked in the top 1.5% of agents in the United states. 

SWEET!  Thanks to all of our RAD clients and their referrals. We look forward to continuing on this real estate journey with all of you! 

danny@thesocallife.com // 949-413-6967

#togetherwearefirstteam #togetherwemakeadifference #firstteamsurfcity #forsale #ocforsale #caforsale #realtor #realestate #huntingtonbeach #hb #orangecounty #oc #ochomes #southerncalifornia #socal #socalhomes #surfcity #surfcityusa
Check out the upgraded kitchen at our listing at S Check out the upgraded kitchen at our listing at Santa Marta Street in Fountain Valley! If you’re looking for a FIVE bedroom POOL house, you won’t want to miss this one!

Call us at 949-413-6967 for more info or to schedule a tour!

#togetherwearefirstteam #togetherwemakeadifference #firstteamsurfcity #forsale #ocforsale #caforsale #realtor #realestate #huntingtonbeach #hb #orangecounty #oc #ochomes #southerncalifornia #socal #socalhomes #surfcity #surfcityusa #beachlife #beachliving
The yard at our listing on Oriole Place in Anaheim The yard at our listing on Oriole Place in Anaheim is massive! Over 10,000 square feet that include a large hardscape of pavers, recently plastered pool, and a grassy area off the master bedroom with a pergola and fire pit! This one won't last long, give us a call to schedule your tour today!

danny@thesocallife.com // 949-413-6967

#togetherwearefirstteam #togetherwemakeadifference #firstteamsurfcity #forsale #ocforsale #caforsale #realtor #realestate #huntingtonbeach #hb #orangecounty #oc #ochomes #southerncalifornia #socal #socalhomes #surfcity #surfcityusa #beachlife #beachliving
Check out this 3rd story sauna/work out room!! 🏃🏻‍♂️ 
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#reels #instagram #reelsinstagram #explore #explorepage #fyp #viral #foryoupage #trending #luxury #huntingtonbeach #newportbeach #like #new #california #orange #orangecounty #southerncalifornia #beach #ocean #sauna
We have a buy NOW, sell LATER program. We can even We have a buy NOW, sell LATER program.
We can even front you the money to improve the house before you sell it. Watch this video to learn more about this great program that helps our sellers net MORE 💰💰💰

danny@thesocallife.com // 949-413-6967

#togetherwearefirstteam #togetherwemakeadifference #firstteamsurfcity #forsale #ocforsale #caforsale #realtor #realestate #huntingtonbeach #hb #orangecounty #oc #ochomes #southerncalifornia #socal #socalhomes #surfcity #surfcityusa #beachlife #beachliving
IN ESCROW before it hit the market 🙌 3101 Linc IN ESCROW before it hit the market 🙌

3101 Lincoln Way in Costa Mesa is a beautifully updated interior tract home with 4 bed / 2 baths on a LARGE corner lot located on the President streets of North side Costa Mesa! 

If you're thinking about buying or selling, we'd love to be the team to represent you!
949-413-6967

#togetherwearefirstteam #togetherwemakeadifference #firstteamsurfcity #forsale #ocforsale #caforsale #realtor #realestate #huntingtonbeach #hb #orangecounty #oc #ochomes #southerncalifornia #socal #socalhomes #surfcity #surfcityusa #beachlife #beachliving
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Homes for Sale in Orange County:

Aliso Viejo
Anaheim
Costa Mesa
Fountain Valley
Huntington Beach
Irvine
Laguna Niguel
Lake Forest
Mission Viejo
Newport Beach
Orange
Orange County
Tustin
Villa Park
This information is based on information from the Association of Realtors/Multiple Listing as of the date the AOR/MLS data
was obtained and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.
The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.


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