CALL FOR ACTION: HELP IMPROVE TAX REFORM FOR HOMEOWNERS
Amy Fennell • December 4, 2017
REALTORS® are once again being asked to continue their efforts as advocates for homeowners and respond to the latest Call for Action on Tax Reform by the National Association of REALTORS®. The REALTOR® voice has positively influenced tax reform in some key areas this past month. For example, 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.
REALTORS® 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. (See graphic below)
Important 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. Be on the lookout for an email or text message alert or click the button below. You can also text "REALTORS" to 30644 to receive alerts via text message.
For more information on the issue: https://www.nar.realtor/tax-reform
NAR is pleased to share the latest consumer guide focused on how the VA Home Loan offers a great path to homeownership for current and former military service members. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: What Is the VA Home Loan Guaranty? 10 Tips for Packing Smartly for a Move State and Local Tax (SALT) Deductions Buying a Historic Property Making Your Home More Energy Efficient Working with a Real Estate Attorney Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for the next consumer guide, which outlines requirements for private mortgage insurance and how it protects lenders and consumers.
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