The U.S. House of Representatives has passed a new tax bill called the One Big Beautiful Bill Act.
It has some exciting changes that could save you money, especially if you’re in real estate or a homeowner. Let’s make it simple:
What’s in the Bill?
- Bigger Tax Breaks for Small Businesses:
- If you’re a real estate agent or small business owner, your tax deduction goes up from 20% to 23%. That’s more money in your pocket!
- More SALT Deductions:
- If you pay a lot in state and local taxes (SALT), you can now deduct up to $40,000 instead of $10,000.
- Mortgage Interest Deduction Stays:
- Homeowners can still deduct the interest they pay on their mortgages. This is a big deal for anyone buying or owning a home.
- Section 1031 Stays Safe:
- Real estate investors can keep using this tax rule to swap properties without paying taxes right away.
- Help for First-Time Homebuyers:
- A new savings account lets you save tax-free for your first home!
Why It Matters
These changes are designed to help real estate professionals, homeowners, and communities. They make it easier to invest in property, buy a home, and build wealth over time.
What’s Next?
The bill now goes to the Senate, where it could still change. But for now, these updates look great for anyone in real estate!
Are you excited about these changes? Let us know how they could help you!
What do you think?
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