Laly Kassa, Managing Director and Certified Financial Planner, discusses how the GOP’s new tax plan could affect homeowners in the Washington metropolitan region.
“If you think about a $1 million mortgage,” said Laly Kassa, managing director at Chevy Chase Trust, “in the initial years, that interest expense is in the $30,000 range. Having that capped is going to have an impact. . . . For the younger clients, it will have a really significant impact. It’s like losing a third of that deduction. For younger families, it will impact what they buy and what they spend their discretionary funds on. That’s $10,000 out the door right at the inception of a mortgage.”
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