Voice for Real Estate 91: Health Insurance, Meals Deduction, Elections
Open enrollment for 2019 is near. Do you have insurance in place?
The IRS clears it up! Business meals remain deductible
And in the upcoming elections, there’s a new way to follow campaigns that affect real estate
These stories and more on The Voice for Real Estate
Hi, I’m Stephen Gasque with the National Association of Realtors.
The opportunity to enroll in a health insurance policy for next year, starts November 1st and stays open until December 15th. That’s the open enrollment period! And NAR has a resource, called the Realtors Insurance Marketplace, that provides an easy way for you to shop for the right insurance plan, for you. Here’s NAR Insurance Committee Chair Allan Dechert with more on health insurance - and you.
Meanwhile, NAR continues to work hard to make association health plans work - for real estate professionals and their families. But there are hurdles. First, many states have rules that make it difficult for any association to create a national insurance plan. Second, a dozen states have filed a lawsuit against the U.S. Department of Labor, which earlier this year issued an association health plan rule - supported by NAR. There are other hurdles, too. Here’s Chris Condeluci, a legal expert on insurance policy, on the challenges fragmented state policies are posing to a nationwide association health plan.
Despite the obstacles, NAR is working to lay the groundwork for Association Health Plans in the future. Learn more at nar.realtor…. just look for its AHP page under health care reform.
Some good tax news for you. The IRS has clarified the rules about business meals.
They now say you can still deduct costs for business meals even if they’re part of a sporting event, a show, or other type of entertainment. Tax professionals asked the IRS for the clarification, because although the tax law enacted last year retained the deduction for business meals, it eliminated the deduction for business entertainment. And as you know, business meals are typically an important part of business events. In its guidance, the IRS made clear that all meals, including those at a business event, are 50 percent deductible under the new law. But you have to be able to separate the meal costs from the entertainment costs.
In just a few weeks, Americans will be voting in the 2018 midterm elections. All 435 House of Representative seats and a third of the 100 Senate seats will be in play, as will state and local races. And Realtors, through the Realtor Party, will be playing a major role to help ensure that champions of real estate win their races. You’ll be able to follow the returns of critical House and Senate races, as well as industry-supported state and local races and election initiatives, in an election night Facebook Live webcast from NAR’s offices in Washington. Here’s NAR’s Gerry Allen with more.
NAR will also be hosting a live webcast, on the day after the election, so you can hear NAR political experts share their analysis of what the election results mean for real estate.
Have you registered for the Realtors Conference & Expo in Boston yet? It’s the real estate industry’s largest trade show with more than 100 educational sessions and 400 exhibitors. It’s happening November second through fifth and it brings you the latest tools and techniques to help you succeed. NAR holds many of its committee meetings, too, culminating with its Board of Directors meeting on November 5th. We’ll be reporting the top stories from the event in the next Voice for Real Estate. We hope you’ll join us then.
And that’s our show for the week of October 15th. You can get more on everything we talked about today at The Voice for Real Estate page on nar.realtor. Thank you for joining us and we hope you’ll join us again as we bring you the latest news on The Voice for Real Estate.
Watch the Election Night Returns on Facebook Live
Follow the returns of critical House and Senate races, as well as industry-supported state and local races and election initiatives, in an election night Facebook Live webcast from NAR’s offices in Washington. Tune in Tuesday, November 6 starting at 8 pm ET at Facebook.com/NARdotRealtor