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Business Deduction a Win for REALTOR® Party

February 11, 2019

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 […]

Filed Under: At A Glance, Government Affairs Tagged With: business deduction, cvarconnect, IRS, LLC, passthrough deduction, REALTOR®Mag, S Corp, Section 199A, Tax Cuts and Jobs Act, U.S. Treasury Department

Client Tip: No Longer Tax Deductible

December 26, 2018

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 […]

Filed Under: At A Glance, Client Tips, Pro Tips Tagged With: alimony, business expense, deductions, exemption, home equity, legal fees, loan interest, Robert D. Flach, Tax, Tax Cuts and Jobs Act

Tax Break for R.E. Pros

September 10, 2018

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 […]

Filed Under: At A Glance, Government Affairs, Pro Tips Tagged With: Attorney General Xavier Becerra, business income, Deduction, IRS, standard deduction, Tax Cuts and Jobs Act, taxable income

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