New Tax Law = New Homeownership Opportunities
- ICE Mortgage Technology
- Jul 11
- 1 min read
Updated: Jul 14
A closer look at H.R. 1 and real estate.
The recently passed tax and reconciliation bill (H.R. 1) could bring meaningful savings for homeowners and buyers. Here’s a quick look at how you might benefit:
Private mortgage insurance (PMI), FHA mortgage insurance, and USDA fees are now permanently deductible (with income limits). This deduction had expired in 2021 — but now it’s back for good.
The mortgage interest deduction was scheduled to expire in 2025, but it is now permanent and available to homeowners who itemize deductions.
The SALT (state and local tax) deduction cap is now $40,000 (up from $10,000), phasing out for incomes over $500K. This is good news if you live in a high property tax area.
If you own rental property or plan to invest in real estate, many of the tax benefits you rely on are now permanent.
If you earn tips, work overtime, or receive Social Security, you may see a lower tax bill — which could free up more money for your home goals.
This information is for educational purposes only and is not intended as tax advice. We are not tax advisors or preparers. Consult a tax professional for more information.