I am sure that most have heard about the new tax bill. Here is an overview of how it affects homeowners:
1. Starting 2018, the interest paid on loans for vacation homes is no longer deductible. Consult your tax advisor CPA and talk to us about restructuring your mortgage debt to investment properties first, then primary residence and last on vacation homes.
2. Property, state and local income taxes face a combined $10,000 deduction limit.
3. While the deduction limit pertaining to mortgage interest drops to $750,000 of debt on your primary residence, it remains $1 million for homes purchased before Dec. 15 of this year. You may want to restructure your mortgage debt on your primary residence and/or shortening the term if you are not getting a benefit from itemized deductions after the increase in the standard deduction.
4. Taxpayers will continue to be able to exclude up to $500,000 ($250,000 for single filers) from capital gains taxation when they sell their home, if they have lived there for two of the previous five years. Make sure you meet the two of previous five years requirement when considering the sale of the residence or consider the benefit of keeping the property as an investment property.
Grand estate sits regally atop Hollywood Hill in the heart of Woodinville Wine Country. Gregerson built with porte cochere is truly one of a kind in quality, size & splendor: 5 beds (all en suite), 7.25 baths, 11 car garage, pool plus carriage house ALL on 4 acres! Water feature + outdoor living spaces are resort style~ private & pastoral. Custom finishes include marble, cherry, travertine & granite. Radiant Heat with new boiler. Everything is here~ Media Room, Wine Cellar, 3 Offices, Art Studio & MORE!
Beautifully updated Laurel Hills traditional offers space for everyone! Located in one of Hollywood Hill’s most coveted neighborhoods, in the midst of wine country, this home is move-in ready. Large recreation room plus additional bedroom (plus full bath) in finished basement is perfect for guests or MIL area, separate entrance too. Chef’s kitchen features cherry cabinets, stainless appliances, granite & large informal dining, vaulted ceiling Family Room. Spa-inspired baths: designer tile, granite, furniture grade cabinetry, wow! Private backyard & sport court. Stellar Northshore School District, award-winning Wellington Elementary!
Palatial Gregerson estate home, a timeless masterpiece of style & simple elegance in coveted Lake of the Woods. Over 6300 sf & 1.2 acres of lovely manicured grounds on quiet culdesac, this majestic home is the perfect blend of space, privacy, community. 5 car garage space, separate boat/RV garage or shop. All rooms beautifully updated, granite, marble, travertine, moulding. Dream kitchen opens to outdoor living area. Owner’s suite will delight with BOTH his/hers baths & closets. Music Room too! $1,489,000