Big Win for REALTORS® on IRS Guidance for 20% Income Deduction
Big Win for REALTORS® on IRS Guidance for 20% Income Deduction
The deduction was part of the big tax reform law Congress passed at the end of last year and it was a huge win for REALTORS®. But it was unclear who would be eligible for the deduction. Now that proposed regulations are out, it’s clear the new deduction will be available to a wide range of real estate professionals.
Under the new law, individual owners of sole proprietorships, including independent contractors, and owners of S corporations, LLCs, or partnerships can take the 20 percent deduction on their net qualified (that is, ordinary, non-investment ) business income. The calculation will depend on income thresholds, what type of business you own, and how you meet certain wage and qualified property tests. But the basic structure is very favorable to you as a small business or independent contractor. READ MORE
CONGRATULATIONS TO OUR NEWLY ELECTED NKAR & NKMLS DIRECTORS
Congratulations to new NKAR NKMLS Directors for the 2019-2021 term!
John Vince Broker Hand in Hand Realty
Ken Warden Broker Warden & Associates
Mike Spicer Agent Coldwell Banker West Shell
Ron Brossart Agent REMAX Affiliates
A special "Thank You" to all the candidates and also to the members who voted
