May 17, 2010
Call for action: Urge Congress to prevent new burdens on real estate
17 May 2010
Posted by VAR
On May 17th, NAR launched an all-member call for action to urge the House and Senate prevent new tax burdens on Real Estate.
If you haven’t responded to the call waiting for you in your e-mail inbox, you can do so here.<!–break–>
Congress is considering changes to the tax code in order to pay for a number of tax provisions expiring in 2010. Two of these provisions would impact real estate. First, Congress is proposing that all owners of rental properties be required to file IRS 1099 forms on service providers such as electricians, plumbers and landscapers. This onerous provision would apply to even the smallest landlord.
In addition, Congress is considering taxing “carried interest” at ordinary income rates instead of capital gains. Carried interest rules govern how general partners in real estate investments pay taxes when the investment is sold.
Your participation is important. Thank you for your time and energy.