Author: www.nar.realtor - Tax Reform

Both the House and Senate are in session this week. What issues should REALTORS® follow? Hurricane Disaster Recovery Funds Administration; Small Business Consumer Data Privacy Issues (NAR to Testify); Housing Reform (NAR to Testify); and a Review of the 2017 Tax Law.

NAR’s 2019 national ad campaign showcases REALTORS®’ commitment to their Code of Ethics and advocacy work on behalf of communities. Recent changes to tax deductions are hurting housing affordability for new buyers. Get help on identifying whether an email that looks to be from NAR is real or a scam, and more.

In the current Congress, NAR is focusing its commercial advocacy efforts on the National Flood Insurance Program, ADA Reform, Infrastructure, Qualified Business Income Deduction (Section 199A), Qualified Opportunity Zones, Terrorism Risk Insurance Program, and the Waters of the US Rule.

The rules confirm that the deduction applies to your business income, as a real estate agent or broker, if you operate as a sole proprietor or owner of a partnership, S corporation, or limited liability company. It applies even if your income exceeds a threshold set in the law of $157,500 for single filers and $315,000 for joint filers.

A review of IRS guidance on rental income and the 20% income deduction. Plus, Vince Malta speaks before the House Financial Services Committee.

New tax guidelines will allow real estate professionals to benefit from the Section 199A 20 percent pass-through deduction.

Investors could receive tax breaks when buying property in distressed economic areas, labeled “opportunity zones” by the U.S. Treasury Department. 

Changes to the way investors, landowners, and real estate professionals pay taxes have the potential to impact the commercial market.

The President signed an Executive Order establishing the White House Opportunity and Revitalization Council, chaired by Secretary of Housing and Urban Development Ben Carson and comprised of 13 Federal agencies.

Rehabilitating historic properties offer affordability, and emotional resonance that can capture critical early enthusiasm by project financers.