Tag Archives: rachel blog

How the new tax law affects home equity debt

If you’re considering getting a home equity loan or home equity line of credit (HELOC), make sure you understand how the tax rules have changed.

First of all, it’s important to clarify that acquisition debt is when money borrowed against your home is used to buy, build or improve a primary or secondary home. Home equity debt is when the money is used for something other than your home, such as paying student loans or funding a business.

Under previous tax laws, taxpayers could deduct interest on home equity debt – no matter what the money was used for – as long as the total mortgage debt was below $1 million, according to Realtor.com®.

The Tax Cuts and Jobs Act suspends this deduction unless the loan is used to “buy, build or substantially improve” a home, according to the IRS. Acquisition debt is still tax deductible, but the total debt limit was lowered from $1 million to $750,000.

Keep receipts from your home improvement projects and consult a tax professional to help you navigate your specific situation.

Five Star award Winner 2011-2018 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Earth Advantage Broker, Diversity Specialist-HOWNW, CSA-Certified Staging Agent, Oregon First, Washington First

Direct 503.380.9634, Email- rachel@rachelsheller.com

View ALL available Houses on the market on my website.

Licensed in the State of Oregon and Washington

My business is referral based.
If you’ve enjoyed my service, please refer me!

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Should you sell a home during the holidays?

Image result for christmas house

Traditionally, most sellers shy away from listing their homes in November or December. Some buyers, however, need to make a quick purchase before the end of the year due to a job transfer, estate settlement or other tax reasons. With very little competition in the marketplace, properties listed during the holiday season tend to sell more quickly and for a higher price.

If you’re worried about moving during the holidays, keep in mind that buyers often need to close by December 31, but they don’t necessarily need to take possession until January. That way both you and your buyers can enjoy one last holiday season in the old house before making the move.

Of course, the most pressing question is whether you should decorate your home for the holidays. Real estate professionals agree that homes show better with tasteful, festive decorations. Buyers can typically feel the warmth of the season and comfortably picture themselves living there. Be sensitive to different religions and use generic decorations that reflect a fall or winter theme.

Keep in mind the importance of curb appeal, and be sure there’s an attractive wreath on the front door to welcome buyers into their new home. Call me to learn more about selling during the Holidays and it’s benefits.

IT’S A GOOD LIFE!

Five Star award Winner 2011- 2018 honoring the top 7% of real estate professionals in Oregon. 

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES,  Diversity Specialist-HOWNW, Earth Advantage Broker, MASTERS CIRCLE, CSA-Certified Staging Agent, Oregon First, Washington First

Direct 503.380.9634, Email-    homesforyou@frontier.com

View a current list of ALL available Houses on the market go to my website

Licensed in the State of Oregon

My business is referral based.
If you’ve enjoyed my service, please refer me!