well let me throw you a bit of acurveball okay so what about the tax bill how does the tax bill affect thehousing market.

Yeah so the tax bill and I know you're not a tax expert so dothe best you can here all right so the tax bill so it's not new it passed atthe end of 2017 right it's been in effect for all 2018 and in fact mostpeople have probably already seen slightly higher take-home pay becausethe IRS changed withholding to account for the new tax plan yep but no one'sactually filed their taxes under this new plan because you file your taxessometime between January February and April when they're due so that's whenit's really gonna hit home for a lot of homeowners and renters are going to seeexactly how much they benefit or lose out from this tax plan you know we knowthat the tax plan had a couple of changes that directly affect the way youknow homeowners and renters are going to do their taxes so for renters theydidn't really have a lot of tax benefits under the old tax plan so for most ofthem it's going to be a positive they were less likely to itemize deductionsbecause of the structure and the old tax plan it should be more like so theyshould benefit from the higher standard deduction so it's good to know forhomeowners they were likely to itemize under the old tax plan about half ofhomeowners itemize for the new prosecutors it interesting because youhave to have mortgage debt so about a third of the owners don't have anymortgage debt so really they weren't necessarily cute or likely to itemize sothere were less so homeowners are more likely to itemize and they may not goingforward because there's a limit on the amount of mortgage interest you canadopt so it and that's the new part right I mean basically when you talkabout itemize you're talking about basically deducting it you know so itwas a powerful deduction for homeowners and we're saying that now there's a capso people really can only only there's a limited tax advantage yeah for deductingmortgage interest but actually in fact the bigger change is that the standarddeduction so that okay let's take a step back so there are two ways to do yourtaxes you can either take a standard deduction it's a lump sum you subtractit no matter how you spend your money how much you give away how much you saveit doesn't matter if you take the standard deduction and then you you knowyou subtract that off your income the new pageis on the rest okay or you can itemize your deductions so you don't take thatstandard deduction instead you're gonna list out specifically the tax advantagethings you spend your money on so you get to take money off for mortgageinterest you used to be able to take state and local income and propertytaxes unlimited that's a change so your mortgage interest is now limited you canonly deduct up to $750,000 interest on a mortgage up to $750,000 versus a millionunder the old tax rules used to get unlimited state and local taxes now youcan only deduct up to ten thousand dollars so well charitable contributionsyou can just those from your income as well that was unlimited it staysunlimited so no major change there that's group and there are some otherminor tweaks but those are the big ones but ultimately it only makes sense toitemize if the dollar amount of your itemized deductions exceeds the standarddeduction right and so the fact that the standard deduction and the new plan is aroughly double but it wasn't any old plan means we're going to see way fewfewer item visors okay I think that was I feel like that was a little mini taxcourse that was awesome so you're definitely more of an expert than yousay you.