How the 20% Business Income Deduction Applies to You
Changes stemming from the Tax Cuts and Jobs Act of 2017 allow agents and brokers who earn income as independent contractors or from pass-through businesses to take a significant deduction on that income. One of the biggest wins for REALTORS® in last year’s tax reform bill is the new 20 percent business income deduction, also known as Section 199A. Almost any self-employed person or owner of a pass-through business (such as an S corporation, limited liability company, or partn
Tax Straddling & 1031 Exchanges
With its share of tricks and treats, we’re not sure which is more daunting – the Internal Revenue Code or Halloween? During this time of year, a treat worth mentioning is that the Tax Code has provided taxpayers who are attempting a fourth quarter 1031 Exchange with a potion that can alleviate the sting of not completing an exchange if the taxpayer is not able to locate new property. This treat is known as “tax-straddling”. If a 1031 Exchange is successfully completed, the ta
