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The Internal Revenue Service (IRS) released its final rules on the 20 percent business income deduction that was part of the Tax Cuts and Jobs Act in late 2017, reported the National Association of REALTORS® (NAR).
“The final rules are the result of several months of advocacy and collaboration between NAR, our members, and the administration,” says NAR President John Smaby. “They reflect many changes that NAR sought to ensure the new 20 percent deduction applies as broadly as possible.”
The rules confirmed that the deduction applies to the business income of real estate agents or brokers who are sole proprietors or owners of limited liability companies, partnerships or S corporations. The deduction applies even if their incomes exceed $157,500 (single) or $315,000 (joint).
Also, the IRS rules on real estate rental income and 1031 like-kind exchanges reflect guidance sought by the NAR. Find out more.
