IRS Guidance on 20% Business Income Deduction
LOUISIANA REALTORS • August 9, 2018
The Internal Revenue Service issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new qualified business income deduction is available for tax years beginning after Dec. 31, 2017. Taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.
The deduction will have a significant, beneficial impact on NAR’s membership. The National Association of Realtors® believes that this deduction, included in today’s IRS and Treasury Department release of proposed regulations, will be available to a wide range of real estate professionals, including those who are self-employed as well as those operating through partnerships, LLCs, and S corporations. Here is what Bob Goldberg, NAR CEO had to say about it:
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NAR is pleased to share the latest consumer guide about contract contingencies and clauses that buyers and sellers may encounter in a real estate transaction. The guide defines common contingencies and clauses and helps consumers understand what happens if the terms aren’t fulfilled. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks 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: Real Estate Contract Contingencies Understanding Condo Ownership How to Protect Against Real Estate Wire Fraud 5 Home Selling Tips for Privacy and Safety Do You Need Private Mortgage Insurance? What Is the VA Home Loan Guaranty? 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 focuses on working with a remodeling contractor.
2025 Extraordinary Legislative Session Wrap-up
