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 […]
Tax Reform Opens New Commercial Opportunities
As the Tax Cuts and Jobs Act approaches its one-year anniversary since becoming law, there are still a number of provisions the IRS must clarify. But one thing is clear: The commercial real estate industry stands to benefit in two big ways, both of which were the primary focus of the Commercial Legislation & Regulatory […]
Tax Tip #3: Avoid Penalty on Estimated Tax
CPA Peter Baker, a principal of Business Planning Group in Washington, D.C., a firm that specializes in real estate agents and brokers, answers questions about 2018 taxes for real estate professionals and how they are effected by the new tax plan. (See Tip #1) (See Tip #2) Tax Tip #3 Sales associates and brokers typically aren’t […]
Tax Tip #1: Business Tax Deduction
One of the biggest wins for REALTORS® in last year’s tax reform bill is the new 20% business income deduction, also known as Section 199A. What should you be doing to ensure you’re positioned to get the most out of the business income deduction in your 2018 taxes, due next year in April? CPA Peter […]
Size Matters in Trump Tax Plan
Some good news and some bad, depending on the size of your business President Trump’s nine-page tax reform proposal includes some features that might both help and hurt real estate. While much of the proposal is still a vague, below are highlights that pertain to real estate, or read the entire plan here. An analysis is […]
Sept. 25 CVAR At A Glance
Featured Classes and Events Sept. 25 | CRMLS Training – CVAR West – Free! Sept. 26 | Mortgage (MLO) License Renewal Sept. 27 | REALTOR® Safety – Free! Sept. 28 |NuHome Lunch & Learn Sept. 29 | Notary Public or Renewal Oct 19 | 5th Annual Casino Night Nov. 15 | Real Estate Forward – […]
Will Tax Reform Hurt Real Estate?
Tax reform is one of the major ticket items on the current administration’s agenda, a measure that Congress hopes to tackle now that they are back from summer recess. When President Donald Trump first announced his modified tax plan—the first comprehensive change in 30 years—one of the main amendments was the elimination of itemized tax […]
Trump Tax Proposal Impact on Homeowners
Analysts are examining who will benefit from the President’s Tax Reform proposal. Treasury Secretary Steven Mnuchin (right) said the plan will eliminate all personal tax deductions other than the mortgage interest deduction and charitable contributions. The tax plan would reduce individual and corporate income tax rates, from 35% to 15%, and repeal state and local […]
Republicans Take the Reins
REALTORS® are gearing up for what is expected to be a busy first three months of the legislative season as a new Congress and new Administration tackle a number of priorities that affect real estate, including tax reform, the Affordable Care Act, regulatory reform, reauthorization of federal flood insurance, and what to do about Fannie […]