It’s Tax Time! NAR Secures New Benefits for REALTORS®
In late January, the Treasury Department and the Internal Revenue Service issued final regulations regarding the new 20 percent deduction on qualified business income. Prior to this release, real estate professionals had been uncertain about the true impact of the 2017 Tax Cuts and Jobs Act on their respective businesses. Thanks to the efforts of NAR’s regulatory staff, we now know that these provisions will be widely applicable to many in our industry.
The new regulations include:
- Clarification that all non-employee real estate agents and brokers who operate as sole proprietors or owners of partnerships, S corporations or limited liability companies are eligible for the new Section 199A pass-through deduction, which can be as high as 20 percent.
- Simplification of the process that owners of rental real estate property must follow to claim the new deduction
- Reversal of previous guidance which denied deductibility for Section 1031 Like-Kind Exchanges.
NAR has prepared a series of videos to explain how your business can benefit from these new provisions.
In what has been a relatively quiet start to the General Assembly session so far, CCR is monitoring the following pieces of real estate legislation:
HB 120/SB 203—Oppose increases to required forest coverage thresholds
HB 222—REALTOR® legislation to require written escrow agreements
HB 451/SB 812—Oppose statewide Fair Housing protection for source of income
HB 1228/SB 807—REALTOR® legislation clarifying client confidentiality responsibilities
SB 678—Support measures to update and modernize notary services
HB 473/SB 941—Oppose measures to limit the amount of rent and fees a landlord may recover from a delinquent tenant
Carroll County to Accept Ag Pres Applications Through April 9
Carroll County is accepting applications for the Maryland Agricultural Land Preservation Program now through April 9. The program is open to:
- Owners of farmland of any size that has development potential and is adjacent to lands already preserved; and,
- Owners of farmland that is not adjacent to other preserved land but is at least 50 acres and has development potential.
The state program will help Carroll reach its long-established goal of preserving 100,000 acres of land. The county has preserved 74,218 acres to-date and is expected to cross 75,000 acres by the end of the year.
Interested property owners may call Carroll County at 410-386-2214 for more information or to determine if their property might qualify for preservation.