Tax Act of 2017: What You Don't Know Will Hurt You
The new tax act will affect each of us in ways we cannot yet fully predict. As individuals, many of us will benefit from certain provisions: those of us who are self-employed will profit from the deduction for Qualified Business Income. At the same time we’ll be walloped by the $10,000 limitation for SALT (State and Local Taxes).
As real estate professionals we must be able to advise our clients about the effects the Act will have on real estate ownership be prepared to guide our clients on how the Act could impact the value of their home and advise them about the timing to buy or sell. The Tax law also changes the treatment of losses for investment real estate.