The Effects of the Tax Cut and Jobs Act 2018 on Real Estate and You, Part 2

The Real Estate Show dives back into The Effects of the Tax Cut and Jobs Act 2018 on Real Estate and You, Part 2. As radio host Eric Willner explained in part one, last Wednesday, the final tax bill includes some big successes for real estate, thanks in many parts to the efforts of National Association of Realtors and their lobby power. Click on the link and hear the details on both shows now!

Two of the biggest victory's came from their efforts to save the exclusion for capital gains on the sale of a home, and preserving the like kind exchange for real property. These are just some of the many tax advantages still in place for owners of real estate, as well as investors. For the real estate professionals, agents, and brokers, who earn income as independent contractors or from pass-through businesses will see a significant deduction on that business income as well.

The exclusion of gain on sale of a principal residence remains unchanged. This allows homeowners the opportunity to sell a home and keep 100 percent of the profit on the Gain of $250,000 for a single filer or $500,000 for a married filer. The homeowner must live in their home for two out of the past five years to qualify. Think about it. How many other ways do you know how to make $250,000-$550,000 tax-free? Call us if you have questions.

Investors, especially long-term investors, should be thrilled to know that the final bill retained the current section 1031 like kind exchange rules for real property. Personal property was not so fortunate. This special provision allows real estate investors to preserve Gaines into the future, and defer paying taxes on those gains. This was another big win for real estate.

Deducting mortgage interest remains one of the key benefits of owning real estate, although the limit was reduced from $1 million-$750,000.

Why not learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner? Listen Live every weekday morning at 8 o'clock (EST) on Florida's Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn and the WSBR AM740 app. If you miss the live show, Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates and listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow #TheRealEstateShow, #EricWillner, #ThirdHome, #Best
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