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Gov't Affairs Memo: Tax Win

IRS Provides Clear Test on How 20% Deduction Applies to Rental Income, Exchanges

by Missy Neu

Memo from the VP of Governmental Affairs:

NAR has provided good clarity that the IRS has ruled that REALTORS® do qualify for 20% deduction even if not incorporated or a LLC. It also gives guidance on rental property income for REALTORS®. Although you might not always agree with NAR’s approach on issues or even sometimes their position, I hope you know that, as a trade organization, they are working hard to protect your interests and those of property owners, and they are getting results.

Don’t forget that NAR's Governmental Affairs staff were also the catalyst to get FEMA back on track on issuing and renewing NFIP Flood policies during the shutdown…even when Congress could not on their own.

Go to NAR for more information on the final rules issued by the IRS or what NAR is doing for all REALTORS® to protect our industry and private property rights. Visit the IRS website for the final rules press release.

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