REALTORS FIGHT FOR TAX BENEFITS
INDUSTRY NEWS, REAL ESTATE LEGISLATION, TIPS FOR BUYERS, TIPS FOR SELLERS, TIPS FOR SENIORS
October 20th, 2008
Regardless of who takes over leadership of our great nation, many huge problems most be addressed in 
the near future by our new President. The magnitude of the financial problems facing our country today may open up debate about taxation with the goal of revamping or eliminating real estate related benefits of property ownership.
Realtors are the largest trade association pushing for protection of private property rights and enhancing the benefits of property ownership.
As a representative to the north state region on the Taxation Committee for the California Association of Realtors, we discussed the possibility Legislators may review parts of the tax code that pertains to real estate.
Washington has a big problem with spending and taxation keeps the pumps primed with cash. Here’s a list of tax provisions that benefit property ownership:
- Mortgage Interest Deduction
- Capital Gain Exclusions
- Second Home Conversion Rules Concerning Capital Gains Exclusions
- Vacation Home Interest Deduction
- Deduction of Property Taxes
- Prepayment of Real Estate Taxes
- Deductibility of Home Equity Line Interest
- Estate Tax Laws
- Death Basis Step-Up
- Reverse Mortgage
- Private Mortgage Insurance Deductibility
- Deduction for Mortgage and Refinance Points
- Purchase Expense Basis Increase
- Medical Home Improvements
- Carried Interest
- Tenant Improvements Depreciation (Nonresidential)
- Affordable Housing Tax Credit (for Developers)
- Home Office Expenses
- Charitable Deduction
- Deduction for Moving Expenses
The following write-offs benefit business owners:
- Small Business Expensing
- Business Expense Deductions
- Business Use of a Car
- Health Insurance Deduction
- Rent Deduction
- Income Tax Deduction
- Employee’s Pay
For Investment Property:
- Real Estate Mortgage Investment Conduits (REMIC)
- 1031 “Like-Kind” Exchanges
- Real Estate Investment Trusts (REIT’s)
- Mortgage Revenue Bonds (MRB’s)
The National Association of Realtors has formed a task force prepared to sit down with the bureaucrats responsible for implementing the recent housing legislation. They will also be at the table to speak up on behalf of property owners, investors and business owners nationwide when federal tax policies are reviewed.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
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