Local News

Tax Reform & Housing: A Reference Guide

When the tax code was originally being overhauled by the House and the Senate, there were three major proposals being considered that would have substantially impacted the residential real estate market:

  • Changing the requirements for the exclusion of gain on the sale of a principal residence
  • The reduction on the limit of the Mortgage Interest Deduction (MID)
  • The elimination of the State and Local Tax deduction (SALT) which includes property taxes

Let’s look how the tax code has evolved from the original proposal, and decipher what impact experts believe it may have on the housing market.

1. Exclusion of gain on sale of a principal residence

Original Proposal: Owners would need to live in their house for at least 5 out of the last 8 years to claim this exemption. Under the former tax framework, a typical owner, who has lived in their house for at least 2 years out of the last 5 years, would pay...

Downtown, public arts scene helps ABQ top Sunset Magazine’s list of best places to live

By Adrian Gomez / Journal Arts and Entertainment Editor
Published: Wednesday, January 3rd, 2018 at 2:58pm
Updated: Wednesday, January 3rd, 2018 at 11:34pm

Albuquerque is known for many good things.

A burgeoning film industry.

An arts scene that grows exponentially each year.

Dozens of nature trails.

And what’s not to love about more than 300 days of sunshine annually?

All of these examples were noted by Sunset Magazine in its list of “20 Game-Changers That Are Redefining the West” in the February issue.

The city ranked at the No. 1 spot beating out Taos, Flagstaff and Tempe, Ariz. for the honor in the Southwest.

“The West was founded by pioneers and continues to evolve thanks to that same pioneering spirit as...