The U. S. Senate has passed tax reform legislation that could change the face of home ownership.  The House passed its own version on tax reform on November 16.  The members of the Senate and the House now must come together to agree on a final bill.

Thanks to our members’ engagement, REALTORS have helped positively influence tax reform in some key areas.  For example, both the House and Senate have agreed to maintain deductibility of state and local property taxes up to $10,000, and to maintain Section 1031 tax-deferred exchanges in their present form for real estate investments.

If you would like information on this reform please click HERE. Incentives for home ownership and the capital gains tax exclusion on the sale of a home MUST be protected.