Thanks to member engagement, REALTORS® have helped positively influence tax reform in some key areas. Both the House and Senate have agreed to maintain deductibility of state and local property taxes up to $10,000 and to maintain Section 1031 tax-deferred exchanges in their present form for real estate investments.
BUT OUR WORK IS NOT DONE. We still have an opportunity to influence Congress to help make the tax reform bill more favorable to homeowners and consumers. Now that both the House and Senate have passed the Tax Cut and Jobs Act, a conference committee will begin to address the differences between the two bills. Significant improvements in the legislation are possible by encouraging Congress to maintain the current law for the mortgage interest deduction and capital gains exclusion. Retaining current law makes the bill more favorable to homeownership.
TAKE ACTION NOW! Tell Congress to protect middle-class homeowners!
For more information, visit the NAR Tax Reform Portal.