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On Wednesday, the Internal Revenue Service issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new qualified business income deduction is available for tax years beginning after December 31, 2017. Taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.

According to the National Association of REALTORS® (NAR), the deduction will have a significant, beneficial impact on members. NAR believes this deduction, which is included in the IRS and Treasury Department’s release of proposed regulations, will be available to a wide range of real estate professionals, including those who are self-employed, as well as those operating through partnerships, LLCs, and S corporations. NAR will continue thoroughly reviewing the rule and will be releasing more information when the process is completed.

SEE IRS SUMMARY

SEE IRS RULE

NAR TAX REFORM SUMMARY AND RESOURCES

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