Say NO to new tax burdens on real estate!

28 05 2010

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.

What’s At Stake:

1. ANYONE who receives rental income will be required to file IRS Form 1099 reports if they pay any contractor (plumbers, repairmen, etc) $600 or more in any given year. This onerous provision would apply to even the smallest landlord.

2. 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. Currently, carried interests is taxed at 15%.

These new tax burdens will further delay the real estate market recovery. These proposals are ill-advised, inopportune and potentially destructive.

Please tell Congress to oppose them today.

Advertisements

Actions

Information

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s




%d bloggers like this: