Tax Cuts and Jobs Act Impact- Guide to Real Estate

The CCH Answer Connect Guide on Real Estate explains the implications of the changes made by the Tax Cuts and Jobs Act. affecting real estate. Items in the Act that affect real estate include, among others, the limitation on deductible mortgage debt, the limitation on the deductibility of state and local taxes (including property taxes), the doubling of the standard deduction, the limitation on the deduction for casualty losses, the repeal of Section 1031 dealing with like-kind exchanges, the establsihment of a holding period for the deductibility of carried interests, the increase in Section 179 expensing, the repeal of the current 10% credit for pre-1936 buidlings and the disqualification of real estate agents and brokers from the 20% QBI business deduction for certain service businesses.

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He currently is the content consultant for Tax Talk Today, an online series of programs designed to educate all tax practitioners; and has served as executive editor for Tax Analysts; managing editor for Business Strategies, published by Wolters Kluwer; and senior editor for the Institute for Business Planning. In addition to this book, Mr. Windish has authored Tax Advantaged Investments and Investor’s Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he has authored continuing education courses dealing with real estate and closely held corporations. Those courses consisted of readings, case studies, and videotape segments. Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.