Taxes and Real Estate: What You Need to Know
While it’s not your job to act as a tax advisor to clients and customers, having a strong understanding of property tax-related issues likely to come up during the transaction process helps you provide a better quality of service. And, thanks to the Tax Cuts and Jobs Act of 2017, the U.S. tax code recently underwent a number of significant changes relating to mortgage interest deductions, SALT caps, tax brackets, and more.
This three-hour course provides an overview of property-related tax issues to help consumers become better aware of the tax implications of buying, owning, and selling property.
- An overview of key changes resulting from the Tax Cuts and Jobs Act of 2017
- A look at general tax sources and taxable income
- An examination of the differences between a principal and secondary residence
- A review of how recent tax bracket changes can affect affordability
- A look at point and fee deductions, interest deductions, and refinancing deductions
- A review of some common tax deductions associated with owning a property, including property taxes, homeowner’s insurance, and mortgage insurance
- A discussion of the recent changes relating to SALT caps
- An overview of transfer taxes and recording fees
- A look at capital gains and losses, property repairs and capital improvements, and capital gain taxation rates and rules
- Interactive activities and scenarios to seal in the new information and frame it in everyday context
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