14 Tax Reform Changes That Could Impact Your Real Estate Finances
On December 22, 2017, President Trump signed the new tax reform bill into law.
The highly debated Tax Cuts and Jobs Act, officially, took effect on January 1, 2018. The tax reform was aimed at streamlining the US tax code, reducing corporate tax rates, and providing relief for small business and individuals. Most of the reforms that are going into effect will begin sunsetting in as early as 2023.
The Most Significant Tax Reform Changes
The table below highlights the most significant changes between the tax filing season of 2017 and 2018.
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This list, while not exhaustive, provides an overview of the most impactful reform changes to pay close attention to. Continue to work with your local accountant who is familiar with your particular situation so you can best take advantage of all existing tax laws.
In Closing
In many ways, real estate investors came out ahead with the passage of the Tax Cuts and Jobs Act. Despite the significant conversation around the 1031 Exchange, the 1031 Exchange remained intact for real estate transactions. Plus, the bonus depreciation and the pass-through deduction will positively impact investors.
As many have reported, this law was passed very quickly and as a result, a number of flaws that have shown up, and new loopholes were created. The conversation will continue and will likely be a larger topic in the upcoming election cycles.
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Jeri
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Originally published at STRATAFOLIO.
