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The Impact of the 2018 Tax Reform (TCJA) on Realtors in Richardson, TX
The Tax Cuts and Jobs Act of 2018 (TCJA) had an impact on a number of industries.  This included the rules for Real Estate investors, Brokers (Both of which I’ll cover at a later date) as well as Real Estate Agents in the Richardson, TX area and nationwide, which I’ll cover today. 
 
Impact on Homeowners
On a more general level, here are some of the tax changes that may impact your potential clients in the market for real estate
Limitation of State and Local income Tax and Property Tax of $10,000  Mortgage Interest Changes for Debt incurred after December 15th, 2017 Reduced Limit to first $750,000 of Debt for the Mortgage Interest Deduction.  Changes to the Deduction of Home Equity Debt Investment Real Estate has NO Mortgage Interest or Real Estate Tax Limitations, Expansion of Secction 179 and Bonus Depreciation Deductions for Improvements and new Loss Disallowance Rules  Impact on Realtors Personal Returns
Since most Realtors are classified as Independent Contractors or Statutory Nonemployees for tax purposes, they file as a sole proprietorship on Schedule C.  Here are some of the changes that Realtors will see this year on their own returns.  This is not by any means all of the changes in the ... more

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