Illinois Continuing Education COURSE
Taxes and Real Estate: What You Need to Know
Welcome to Taxes and Real Estate: What You Need to Know. While it’s not your job to act as a tax advisor to clients and customers, having a strong understanding of property tax-related issues likely to come up during the transaction process helps you provide a better quality of service. And thanks to the Tax Cuts and Jobs Act of 2017, the U.S. tax code recently underwent a number of significant changes relating to mortgage interest deductions, SALT caps, tax brackets, and more.
Independent contractor licensees also need to understand their own tax situation: deductible expenses, self-employment tax, and payment of quarterlies. This four-hour course provides an overview of property-related tax issues so that licensees may help consumers become better aware of the tax implications of buying, owning, and selling property.
Course highlights include:
- An overview of key changes resulting from the Tax Cuts and Jobs Act of 2017
- A look at general tax sources and taxable income
- An examination of the differences between a principal and secondary residence
- A review of how recent tax bracket changes can affect affordability
- A look at point and fee deductions, interest deductions, and refinancing deductions
- A review of some common tax deductions associated with owning a property, including property taxes, homeowner’s insurance, and mortgage insurance
- A discussion of the recent changes relating to SALT caps
- An overview of transfer taxes and recording fees • A look at capital gains and losses, property repairs and capital improvements, and capital gain taxation rates and rules
- Home office and other deductions that may apply to independent contractor licensees