This RISMedia article is helpful if you want to know exactly where the tax bill is in the process of being signed. It also includes a brief overview of how the contents of the bill may affect the real estate industry. If you subscribe to Inman, we recommend this article.
From RISMedia: Senate Backs Tax Reform, Bill on Trump’s Desk
How the Tax Plan Could Affect the Real Estate Industry
The new tax plan has been framed as a deathblow to the American dream by some real estate professionals and groups, who warn of falling home prices, a new generation trapped in renting, and an exodus of residents from the highest-cost cities and states. But are these fears surrounding the new, lower cap on mortgage interest deduction—and the incentive for taxpayers not to use it—overblown? Or are there indeed big repercussions to come? That all depends on whom you ask—and where they live.
The National Association of REALTORS® (NAR) continues to advocate for a tax reform bill that protects homeowners. NAR remains concerned that the overall structure of the tax reform bill poses problems for homeowners and the broader housing market, but the conference committee has made some important improvements to the House and Senate legislation outlined in this article that ultimately will benefit some homeowners and communities.
From NAR: Tax Reform
The original versions of the Senate and the House bills extended the number of years people would have to live in their houses from two to five if they wanted to avoid paying capital gains. However, that change was thrown out in the final version of the bill. This article was written prior to the change being thrown out, but it’s still a good article to help you and your clients understand capital gains.
From 9 News: Learn About Capital Gains