Elements of the U.S. House and the Senate’s proposed new tax policies might make purchasing a home more expensive for Americans but cheaper for foreign homebuyers. Lost buying power Some analysis on Inman has already pointed out that proposed changes to the mortgage interest deduction, which is just one of the several proposed policies that affect real estate, could slash purchasing power for some American buyers by 40 percent. Today’s tax code allows homeowners to deduct interest on mortgages worth up to $1 million. The House GOP wants to slice that limit in half, to $500,000 on new loans. The housing industry has fought back fiercely. It believes the House plan could increase the cost of buying a home, slow some home construction and reduce the number of transactions in any given market. This may sting a little Here are two other changes to tax law that would likely be in any tax bill that the current Congress passes. As a doctor would say, these may sting a little. Eith…
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