REALTORS® have won another legislative victory, with the recent ruling from the U.S. Treasury Department and the IRS on the new 20 percent deduction on qualified business income. The final guidelines announced in January allow real estate professionals to benefit from the Section 199A 20% passthrough deduction. NAR highlighted three major provisions within the 247-page final […]
Client Tip: No Longer Tax Deductible
1. Personal exemptions You can no longer claim a deduction for yourself, your spouse or any of your dependents. Each personal exemption in 2017 provided a $4,050 tax deduction. For example, a family of four could deduct a total of $16,200 in addition to a standard deduction, itemized deductions and any adjustments to income. The […]
Tax Break for R.E. Pros
The most interesting provision for REALTORS® in the Tax Cuts and Jobs Act is the 20% deduction for qualified business income under Section 199A. An IRS Q&A provides some straightforward answers. C.A.R. has prepared a Quick Guide and the following brief fact sheet. The 20% Qualified Business Income Deduction; What You Need to Know (with Examples) What […]