Now that the dust is settling on the battle over tax reform, taxpayers across the nation are wondering what’s in it for them. The National Association of Realtors says the final bill will have some impact on homeowners, but says there are also tax benefits for anyone who owns real estate or works in the real estate industry.
NAR says association members fought hard to preserve existing tax benefits for homeowners and real estate investors. A few of the wins include the preservation of the 1031 exchange and the capital gains exclusion for home sales. But each taxpayer will have to look at how the changes stack up for them, starting with new tax brackets.
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