What REALTORS Need to Know About the New Tax Law

Changes to the U.S. Tax Code that potentially can save youĀ thousands of dollars were enacted last year as part of the Tax Cuts & Jobs Act. The changes include a new deduction availableĀ to you as an independentĀ contractor or sole proprietorĀ for reducing your tax liabilityĀ by 20 percent. How to take this deduction and apply other changes in the law are discussed in a series of video tutorials released by NAR last month.

The tutorialsĀ are timely now that the year is winding down and final 2018 tax filings need to be submitted to the IRS.

The tutorials are organized into a dozen topics that affect your taxes, both as a real estate professional and as a homeowner or renter. I encourage you to familiarize yourself with the changes and to pass along this email to your colleagues.


1: An Introduction to the Tax Cuts and Jobs Act of 2017

Segments


2: Major Changes Affecting Individuals

Segments


3: Changes Affecting Tax Incentives of Owning a Home

4: Tax Changes for the Real Estate Professional