The net investment income tax imposes a 3.8% surtax on any investment income that brings your adjusted gross income above the threshold amount of $200,000 for individual filers, $250,000 for joint filing, and $125,000 for married taxpayers filing separately. This tax applies to interest, dividends, and capital gains, as well as rental income from real estate, royalty income […]
Client Tip: 5 Tax Deductions to Share With Sellers
Tax deductions when selling a home can amount to sizable savings when a seller files with the IRS. So whether selling a home soon or if your client sold it last year, you’ll want to share all the tax deductions (not to mention tax exemptions or other write-offs) at their disposal. Here’s a rundown of […]
REALTOR® Lobby Successes in the Tax Bill
There’s never been a better example of how your contribution to the REALTOR® Action Fund helps support the real estate industry. NAR and C.A.R. members helped reach members of Congress to get changes in the Republican Administration’s Tax Bill. NAR helped educate members of the House-Senate conference committee, and after the vote, NAR President Elizabeth […]
Client Tip: Sign Before Jan. 1 to Avoid Tax
Some home sellers would need a sale contract inked before the end of 2017 in order to avoid a big tax bill that would be imposed if the tax reform being proposed become law. Both the House and Senate bills would require sellers to have lived in their residence for a longer period of time–at […]