Own Real Estate? How to Know If You Get the 20 Percent Write-Off Under the New Tax Law

More than 30 years ago, the tax law was changed to come down hard on passive investors by limiting the losses they could claim under the passive activity loss (PAL) rules. The Tax Cuts and Jobs Act (TCJA) did not make a distinction between active and passive investors when it comes to the qualified business income (QBI) deduction. But there is a different problem for real estate investors to resolve.

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Why do I have to prove who I am when I’m selling my house?

Q: I am about to sign an agreement with a real estate agency to sell my home. The agent said I had to provide a huge amount of information about me and my family trust before I could sign the agreement and they would list my home. This isn’t my first time at the rodeo, as I’ve bought and sold before, but this is the first time this has ever happened to me. For example, I sold my mother’s home last year, and they hardly asked for any identification. Do they think I’m up to something or is this a new requirement?

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