Beth Wanless: Tax reform and the resources of Illinois REALTORS®

Beth Wanless

Protecting the mortgage interest deduction and the 1031 like-kind exchange are just two of the concepts Beth Wanless discusses in the Keeping it Real Podcast, “Tax reform and the resources of the Illinois REALTORS®.”

The Illinois REALTORS® local governmental affairs director and member outreach regional manager also talks about the unintended consequences of rent control, recycling in multifamily housing (four or more units) and the Residential Landlord Tenant Ordinance in Chicago.

She also outlines many of the resources available to members through the Illinois REALTORS®.

Find out more.

Wagner talks 1031 like-kind exchanges on Market Overdrive show

Illinois REALTORS® Treasurer Dan Wagner during discussions Wednesday about 1031 like-kind exchanges. (Market Overdrive Images)

Illinois REALTORS® Treasurer Dan Wagner appeared on a real estate talk show Wednesday morning in Chicago and participated in a discussion about the advantages of 1031 like-kind exchanges. See the YouTube video.

Wagner, senior vice president of government relations for the Oak Brook-based Inland Real Estate Group of Companies, and Keith Lampi, president and chief operating officer of Inland Private Capital Corporation, were guests on the Market Overdrive show.

Wagner and Lampi answered questions from Market Overdrive hosts Chicago REALTOR® Karla Mina, of Coldwell Banker Residential in Chicago and Nick Memeti, founder and chief executive officer of iLoan Home Mortgage. Wagner and Lampi gave examples of 1031 like-kind exchanges, and explained why consumers should want them preserved as U.S. legislators consider ideas for tax reform.

See the photo gallery below for photos taken during the show.

Managing brokers: Don’t risk unlicensed practice. Renew your entity license now

Bigstock photo

More than 450 real estate businesses received email notices from Illinois REALTORS® urging them to renew their entity licenses (i.e. corporation, LLC, branch) and avoid unlicensed practice complaints.

Managing brokers need to complete a form and send it to IDFPR with a check including late fees by Monday. (Remember, there is no online option.) Licenses in “non-renewed” status must be restored by the deadline to avoid becoming listed as “inoperative” by the IDFPR.* Check your status here.

(* If your entity becomes inoperative, all sponsored licenses will also be considered inoperative. This is very important information. If your entity license status is up to date, you do not need to do anything further at this time.)

Callan meets with Roskam at tax policy luncheon

U.S. Rep. Peter Roskam, left, talks with Illinois REALTOR® Pat Callan in Washington, D.C.

Illinois REALTOR® Pat Callan met with U.S. Rep. Peter Roskam in Washington, D.C. on Tuesday.

Callan, a former Illinois REALTORS® president who serves as federal political coordinator for Roskam, helped host a lunch the congressman attended at the D.C. headquarters of the National Association of REALTORS®. At the lunch, industry leaders discussed upcoming efforts to revise the nation’s tax code.

Federal political coordinators work closely with assigned congressional representatives to update them on market conditions and the impact of policy decisions on the real estate industry.

Roskam, serves as chairman of the House Ways and Means Subcommittee on Tax Policy, which will play a key role in any attempt at tax reform. He represents Illinois’ Sixth Congressional District.

REALTORS® have been especially wary of the tax code rewrite effort. Key provisions such as the Mortgage Interest Deduction and 1031 Like-Kind Exchange are seen as potentially vulnerable in the process.

Illinois REALTORS® have joined their colleagues throughout the country urging policymakers to consider the value of these provisions and others which encourage homeownership and real estate investment.

Wagner scheduled to appear on Market Overdrive Wednesday

Illinois REALTORS® Treasurer Dan Wagner, senior vice president of government relations for the Oak Brook-based Inland Real Estate Group of Companies, is scheduled to talk about 1031 like-kind exchanges on MarketOverdrive, which is available through its Facebook page, on Youtube and via podcast on WGN Radio.

He will appear during the real estate show, Market Overdrive, at 10 a.m.