Voice for Real Estate 75: Tax Reform, Equifax

a realtor talks tax reform on Capitol
Hill could the Equifax data breach put your
home sale at risk and in the hurricane after nine the Small Business
Administration needs help these stories and more on the voice for real estate hi
I’m Stephen Gasque with the National Association of Realtors right now
lawmakers in Congress are looking at tax reform how to reform our country’s tax
code and in the first hearing on that issue they turn to a real estate
professional for advice I own a Harrison of pioneer Realty in
Upper Marlboro Maryland testified before the Senate Finance Committee last week
and she said any curtailment or elimination of tax incentives for real
estate would hurt communities and the economy’s ability to grow we want to
make sure that just as you stated that the economic engine of homeownership and
the transfer of real property in this country remains unfettered and is still
allowed to continue in the way that it has because real estate household equity
back to building wealth thirteen point seven trillion dollars from many many
Americans wealth building begins with the equity in their home they don’t own
stocks they don’t even think about that but they do want to own a home no one
knows yet what tax reform legislation will look like because the process is
just starting and the administration and Congress will still have a lot to say
about it but Harrison made one thing extremely clear in her testimony
Realtors will oppose any effort to reduce the importance of homeownership
in our nation’s tax code by pairing back itemized deductions including state and
local property tax deductions even if the mortgage interest deduction is left
intact she also told Congress NER would oppose
any effort to curtail tax deferred 1031 like-kind exchanges which are essential
for real estate investors big and small 1031 exchanges again are it utilized
throughout my professor not just by practitioners who do massive
commercial deals but can be very small single property transactions which allow
folks to to sell a rental property and use that tax deferral evident Aegis Li
you can see for yourself how important 1031 exchanges are to commercial real
estate transactions in a facebook live event on Thursday September 28th at 1:00
p.m. Central time 2 p.m. Eastern Time Raphael Barta a commercial professional
with century 21 Riverstone in Sandpoint Idaho and Dean Saunders owner of
Saunders real estate in Lakeland Florida will walk you through what makes a good
1031 transaction and you can ask them questions too during that event another
big data breach has been all over the news
data on 143 million Americans at risk because of a security breach at Equifax
one of our nation’s 3 credit reporting agencies few things are more important
for households applying for a mortgage than their credit score here’s na our
CEO Bob Goldberg on how you as a real estate professional can counsel your
clients if they’re concerned their credit report might have been affected
by that breach as a real tour you can advise your clients who are concerned
about the Equifax bridge to first go to the company’s website to learn what
information it is making available about the bridge and what to do about it just
as importantly you can advise your clients they start monitoring their
credit for any activity that doesn’t seem right
the federal government requires all credit reporting agencies Equifax
Experian and TransUnion to make one copy of their credit report available for
free each year the breach underscores how important it is for you to do
everything you can to prevent thefts of data yours as well as your clients
that’s why n AR associate counsel Jessica Edgerton hosted a Facebook live
event on that very subject week now let’s move on and talk about
data protection because it’s not just the extortion it’s not just the direct
theft of funds that these guys are after they are after data why what’s the
endgame with these guys first of all they’re they’re collecting personally
identifiable information we’re going to talk about what that means in a minute
financial and credit card data for sale on the dark web this is a very lucrative
international business that they’re participating in and they need your data
in order to feed that business and then in some cases some criminals are simply
looking for opportunities to disrupt now if you missed that event you can watch
it at any time on any ARS Facebook page you can also get more information on any
are dot real tour it’s updating its resources on data protection in October
which is national cybersecurity Awareness Month devastating hurricanes
have come and gone and weather forecasters are keeping their eyes on
other storms forming out in the Atlantic it will be months and possible years
before life returns to normal for many people in Houston and other parts of
Texas and in many parts of Florida and the Caribbean Realtors were front and
center in efforts to help their neighbors during and after the storms
and by donating money to the Realtors relief foundation there are professional
opportunities as well the United States Small Business Administration is looking
for professionals to work with it as damage verifiers
these are people who can assist the agency in assessing properties damaged
in those storms loan specialists are also being sought you can learn more
about these opportunities by sending an email to Oda h ir e em at sba.gov or you
can call 703 for eight seven eight 100 extension 603 one one development that
will help many people affected by the hurricanes is the three-month extension
of the National Flood Insurance Program by Congress last week realtor sent tens
of thousands of letters to their members of Congress which helped push that
extension through as a result the program has authority to keep writing
insurance until December 8th Nara is already hard at work helping lawmakers
come together to reauthorize the program for the long term and make reforms that
will make the program better for taxpayers we’ll keep you up to date as
all these efforts advance a small but significant drop in home
sales last month due to hurricane Harvey any our data for August show home sales
declined 1.7 percent to a sales pace of about five point three five million
units more impact will be felt next month too
because the latest numbers don’t reflect the second storm that came through and
hit Florida NER chief economist lawrence june has more so what’s happening in
Houston and Florida I would say it’s not a loss sale but it more about delay sale
buy you know over half a year or even a one-year all that will be popping out in
2018 all of ners research data is on n AR dot real tore under the research and
statistics tab and that’s our show for the week of September 25th you can get
more on everything we talked about today at the voice for real estate page on na
r dot realtor thank you for joining us and be sure to join us again as we bring
you the latest news on the voice for real estate brought to you by the
National Association of Realtors your advocate for housing and property rights
in washington across america and in your neighborhood
this is the voice for real estate you

2 Replies to “Voice for Real Estate 75: Tax Reform, Equifax

  1. I would be more interested in what NAR says if they quit allowing our Liberal members to continue to lie on behalf of its members. 

    The home mortgage deduction is only used by less the 20% of tax filers. This deduction only helps those in areas of high Real Estate values and Mortgages – California, New York, Illinois…. funny, the same states that waste trillions of tax dollars on Liberal Causes.

    NAR members, support the quickest Tax reform measures NOW. The huge increase in tax money your clients will not have to waste on programs for the few will drive the economy in a way we haven’t seen in decades.

  2. This REALTOR will not oppose tax code revisions that double the standard deduction along with eliminating many of the current itemized deductions. Hard to believe that NAR is opposed to tax reform that has not been defined in legislation. I agree with Steve below that a significant majority of homeowners take the current standard deduction and do not itemize now, thereby making NAR's position seem weak and unreasonable.

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