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What Members Should Do on 20% Deduction

The 2018 tax year is the first year your members can apply the new 20 percent business income deduction that was enacted last year as part of the big tax reform law. The deduction comes off the top of one’s pass-through income, after expenses and losses are taken out.

REALTOR® Magazine has published a Q&A on how to apply the deduction. It’s based on a conversation with a CPA who specializes in helping sales associates and brokers prepare their taxes. After reading it, members are encouraged to talk with their accountant about factoring in the deduction.

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