On July 10, NAR sent a Call for Action to all REALTOR® members urging them to contact their senators and send a clear message that “tax reform should do no harm.” The Senate has adopted a blank slate approach that would essentially strip all tax incentives out of the tax code, including those that encourage real estate ownership and investment. This approach would rely on senators to make recommendations as to what should be included. For REALTORS®, this could deliver a powerful blow. We need to make our voices heard now so real estate provisions are on the top of our senators’ lists.
Elimination of tax incentives that would affect REALTORS® and homeowners are:
- Mortgage Interest Deduction (MID);
- Property tax deduction;
- Capital gains exclusion on proceeds from home sales;
- Income of forgiven mortgage deduction;
- Depreciation of a commercial building or lease; and
- Like-kind exchanges.
With this new blank slate approach, everyone with a tax code provision will be clamoring to get the attention of our senators. That’s why I urge each one of our 40,000 members to take action today. NAR has made it easy to lend your voice to this extremely important cause. Simply visit the REALTOR Action Center and fill out the form. It takes less than five minutes and will have a significant impact on the future of homeownership.
To find out more, watch this video from NAR.