- Individual and pass-through income will be taxed in seven brackets, with rates ranging from 10-37%
- A portion of pass-through business income will qualify for a 20% deduction
- REIT dividends are fully eligible for a 20% deduction
- The current-law 27.5-year depreciation period for multifamily buildings is now extended to 30 years
- Businesses may expense $1 million in qualifying property in the year of purchase
- Like-kind exchanges for real properties are preserved
- Assets must be held three years to receive capital gains tax treatment
- Low Income Housing Tax Credits and private activity bonds will be preserved, but will likely be affected by the cut in corporate tax rates
- The estate tax exclusion is doubled from $5.49 million for a single filer and $10.98 million for a married couple
Read more on the NMHC website, or find details on specific provisions in their tax reform chart.
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