What has your REALTOR® done for you today? They worked to save homeowners money.
Most recently REALTORS® rallied together to contact Congress about shaping the final Tax Cuts and Jobs Act of 2017. In short, REALTORS® worked to educate legislators on how to advance the bill with these improvements:
– Keeping the capital gains exclusion. This is a huge win for homeowners. The current law was left in place on capital gains of $250,000 for an individual and $500,000 for married couples. The original bill was to make this exclusion much harder to qualify for, but fortunately, REALTORS® worked with legislators to keep this exclusion in place.
– Mortgage interest deduction. This topic has been highlighted frequently in the news as homeowners with a mortgage know that they can deduct their mortgage interest on their taxes. It has even been threatened to be done away with in its entirety but it hasn’t – it has just been reduced from a $1 million limit to $750,000 on primary and secondary homes. The original bill was looking to reduce this to $500,000.
– Real estate tax and state/local deductions. This also made headlines as the bill sought to eliminate this altogether. Now real estate taxes along with state and local taxes remain deducible with a combined limit of $10,000.
These are significant successes for homeowners but there is still work to be done. As with any significant changes, there will most likely be unintended outcomes that will need to be addressed. REALTORS® as a group will continue to work on tax issues that support homeownership.
Did you know? Not all licensed real estate agents are REALTORS®. What’s the difference?
– REALTORS® are members of the National Association of REALTORS (NAR), which means they have pledged to adhere to NAR’s Code of Ethics and Standards of Practice. The Code centers on the treatment of buyers and sellers providing them with the utmost of care, promoting their interests first and treating all parties honestly. In short, a REALTOR® has got your back.
– REALTORS® are consumer advocates who are members of the largest trade group in the US, fight for consumers and defend the goals of homeownership.
– REALTORS® have more educational opportunities available to them. NAR offers its members over 20 specialized certifications. For example, during the recession when homeowners needed knowledgeable short-sale experts, REALTORS® had the education and training to help these consumers who needed our services the most.
– REALTORS® are licensed agents who choose to be REALTORS® and are invested in their careers by being REALTORS® and not just real estate agents. (You may be surprised that some of the larger real estate firms are not REALTORS®.)
When looking to buy or sell a home, work with the agent who is also a dedicated REALTOR® – you’ll be glad you did.