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Homeowners: Know about tax reform, real estate

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The Tax Cuts and Jobs Act of 2017 has many temporary effects on homeowners and real estate investors.

So what do they need to consider as we head into tax season?

Tracy Green, a Planning and Life Events Specialist for Wells Fargo Advisors, explains five key real estate–related provisions that could potentially impact your tax bill for tax years 2018 through 2025.

1. Lower limits on deductions for home mortgage and home equity loan interest. For any new mortgage or home equity debt taken after Dec. 15, 2017, taxpayers who itemize can only deduct interest on the first $750,000.

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