According to an Inman Select article, the Trump Administration’s tax proposal offers some good and some bad news for property owners and the real estate profession, although information so far seems vague and lacks details.
On the good news side, the plan “purportedly protects” the mortgage interest deduction and charitable write-offs. Real estate depreciation and 1031 like-kind exchanges remain intact. A cheaper tax rate is proposed for small businesses that are considered pass-through businesses.
However, some unspecified business deductions would change under the plan and overseas assets of U.S. companies would be repatriated and incur a one-time tax.
In other headlines:
- Millions of middle-income homeowners stand to lose under ‘Big 6’ tax proposal (NAR)
- Minorities, Americans without college degrees showed greatest gains in wealth (Daily Herald)
- Cities are feeling the ‘Net effect (The News-Gazette)
- Here’s where Trump could get $2 trilllion needed to cut the corporate tax rate to 15 percent (Pantagraph)