Association Benefits
See all the benefits available only to members of the Texas Association of REALTORS®
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The U.S. House and Senate have passed sweeping tax reform legislation that is expected to have a major impact on housing markets.
 
The bill is an improvement for homeowners when compared to earlier House and Senate versions, because it makes several changes sought by the National Association of REALTORS®. However the structure of the bill continues to raise concerns, and NAR President Elizabeth Mendenhall has said the association will look for legislative opportunities next year, as they arise, to improve the law.
 
Last-minute changes to the bill include the following improvements:
  • Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.
  • Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.
  • State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether.
  • Pass-through entities. The bill significantly reduces the effective rate of tax on business income earned by independent contractors and income received from pass-through entities. This change will lower the taxes of many real estate professionals.
Visit REALTOR® Magazine to stay up to date on this and other valuable industry information.
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Education classes from Texas Realtors University that are happening near you:

Course Name Course Date(s) City MCE Hours Registration

Business Planning for Real Estate Agents

2018-12-11 00:12:00.0

Palestine

4.00

The term (Broadcast) denotes that the course is an interactive broadcast course, meaning participants in multiple locations will see, hear, and even talk to the instructor and each other via live video

Featured Benefit: TaxBot

It's the easiest way for Texas REALTOR® and affiliates to turn expenses into deductions.
With TaxBot you get useful features like IRS-compliant expense tracking, GPS mileage tracking and more.
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P.O. Box 2246
Austin, Texas 78768-2246

Physical address
1115 San Jacinto Blvd., Suite 200
Austin, Texas 78701-1906

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Phone 800-873-9155
E-mail boardservices@texasrealtors.com