Potential changes to tax reforms could weaken the opportunity for home owners to use the mortgage interest deduction and eliminate 1031 like-kind exchanges for commercial property owners, says NAR Senior Policy Representative Evan Liddiard in an Illinois REALTORS® video.
“When you raise that standard deduction, you get rid of all the other itemized deductions, particularly state and local tax deduction, it pretty much takes the bottom out of the MID (mortgage interest deduction) for 95 percent of the people,” Liddiard says.
Illinois REALTORS® Treasurer Dan Wagner and Liddiard emphasize the importance of like-kind exchanges. Wagner says Illinois REALTORS® and the National Association of REALTORS® are keeping a close eye on developments. See the video.
Place your orders now for the popular “The Consumer’s Guide to Real Estate Agency in Illinois” through the Illinois REALTORS® Store.
It’s been changed from a tri-fold brochure to an 8 1/2 by 11-inch, two-sided flyer with perforated cards at the bottom. Look for item #334. They are available in pads of 50 ($11 each), plus taxes, shipping and handling. The flyers discuss agency relationships in real estate transactions in accordance with the Illinois Real Estate License Act of 2000. They supply consumers with explanations of various forms of agency when consumers are using real estate professionals to help them sell, buy and lease real estate.
If you are a broker and plan to distribute the flyers to sales associates, you can download them for free and print them at your convenience.
Join Illinois REALTORS® President Doug Carpenter, President Elect Matt Difanis and Immediate Past President Mike Drews for advice about how members can best help first-time home buyers achieve the American Dream in 2017.
Low inventories in most areas of the state make it critical for clients to have their down payments ready and have their financing information in order. The more prepared they are for the process, the better opportunity they have to get the homes they want.
I-Refi is designed to help borrowers who’ve kept up with their mortgage payments for at least 12 months but owe more than their home is worth because of declining property values in their community. Funded by the U.S. Department of the Treasury, the program offers a forgivable loan of up to $50,000 to reduce the balance owed on a homeowner’s mortgage, erasing their negative equity and refinancing them into an affordable 30-year fixed rate IHDA mortgage. The program not only brings relief in the form of a lower interest rate and lower monthly payments, but it is the only solution available that actually wipes out a homeowner’s negative equity to bring his or her loan in line with the property’s current value.
A list of lenders is offered online, with websites for each. Before loans are approved, homeowners must order professional appraisals to assess the value of their homes.