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So, Now What?
With the passing of the Tax Cut and Jobs Act, a lot is about to change financially for citizens in the United States. One of the ways this change will affect citizens greatly is how it will reflect financially for homeowners. Although this tax cut is for 2018 (meaning citizens won’t see changes until February of 2019), there will still be a dramatic change for U.S. homeownership. Here’s what you need to know, thanks to the National Association of Realtors (NAR).
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If You’re Looking for a New Home
You actually may have some difficulty finding a home if you plan on buying one in 2018. All buyers will no longer have personal exemptions, but standard deductions do increase. Although there is a chance to receive a higher tax cut than before, it is actually possible for people to experience even more of a tax cut when they rent. This means the housing market could become less attractive to first-time homeowners, which could result in a dry market.