What REALTORS® Need to Know About the New Tax Law

What REALTORS® Need to Know About the New Tax Law

Check out this four-part video series with Evan Liddiard, Director of Federal Tax Policy for the National Association of REALTORS®, and Peter Baker of the Business Planning Group gives an overview of 2018's new tax laws. The series offers guidance for individuals and families filing tax returns, the tax incentives of owning a home, as well as business tax changes for real estate professionals. 

An Introduction to the Tax Cuts and Jobs Act of 2017

Major Changes Affecting Individuals

Changes Affecting Tax Incentives of Owning a Home

Tax Changes for the Real Estate Professional

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