Rick Robins: Republicans’ tax bill a mixed-up mess
I am building a home in Grass Valley. This has been a dream of several decades.
Like everyone else, I expected to be able to deduct mortgage interest. Not so. The Republicans’ tax bill is a mixed-up mess. We know it benefits the wealthy and corporations more than the rest of us but now (if we benefit at all), after months of research, it appears that an owner builder cannot deduct the interest on the mortgage they take out on completion (if completed after the bill was signed into law).
This I have found out on advice of multiple tax professionals who are still trying to make sense of some of the holes in the law. Am I surprised? Of course not.
Owner builders don’t have their own lobbyists and the Republican party is captured by the lobbyists the most.
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