Here’s what Real Estate Owners and Investors need to know about the Tax Cuts and Jobs Act that was signed into law December 2017.

MORTGAGE INTEREST DEDUCTION

  • The new limit on deductible mortgage debt is $750,000, down from the previous $1 million. There are certain situations which may allow a home purchase to qualify for the $1 million, even if the home closes after Jan. 1, 2018. Talk to a tax professional to learn more.
  • Interest paid on home equity loans is only deductible if the proceeds are used to substantially improve the residence.
  • Interest remains deductible on second homes, but is subject to the $1 million/$750,000 limits.

DEDUCTION FOR STATE AND LOCAL TAXES (SALT)

Read more: WHAT Real Estate Owners and Investors SHOULD KNOW ABOUT TAX REFORM

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One Paseo Gets 4 Restaurants

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One Paseo developer, Kilroy Realty Corp, has begun to sign up tenants. About 40 percent of the retail space will be devoted to food and beverage that fit the project's theme, rather than waiting for tenants to decide to sign up.
The first four restaurants planned for the project signed on in late January 2018. The four are Michael Mina and Ayesha Curry’s International Smoke, the modern organic Mexican restaurant Tocaya Organica, chef Dakota Weiss’ Cali-meets-Hawaii Sweetfin Poké and Huntington Beach’s Ways & Means Oyster House.

Read more: One Paseo Gets 4 Restaurants

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Join Us For This Great Fundraiser!

Thursday, October 5th, 2017 from 6:00 PM to 10:00 PM

Spots are limited so go to http://www.rotarypokernight.com for more details on the event and to sign up now!  We will have tons of prizes and giveaways! Buy-in is $125 (includes $25 entry fee), Active duty Marines play for free! If you can't make the event, please consider sponsoring a Marine to play for $125.

Read more: Hold 'em For Our Troops Poker Fundraiser

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