On December 22, 2017, President Trump signed the “Tax Cuts and Jobs Act”. The U.S. House and Senate approved the conference agreement of the “Tax Cuts and Jobs Act” earlier in the week.
All individual provisions of the measure are generally effective after December 31, 2017 for the 2018 tax filing year and expire on December 31, 2025 unless otherwise noted. The provisions do not affect tax filings for 2017 unless noted.
To read NAR’s analysis of the bill’s provisions impacting real estate, please go to "The Tax Cuts and Jobs Act - What it Means for Homeowners and Real Estate Professionals."
NAR will be providing ongoing updates and guidance to members in the coming weeks, as well as working with Congress and the Administration to address additional concerns through future legislation and rulemaking. Lawmakers have already signaled a desire to fine tune elements of the "Tax Cuts and Jobs Act" as well as address additional tax provisions not included in this legislation in 2018, and REALTORS® will need to continue to be engaged in the process.