Today I want to share a few key things that I learned last week at the National Association of Realtor’s Policy Conference.
I was recently in Washington D.C. for the National Association of Realtors Policy Conference and I learned some things I want to share you today.
As a member of the National Association of Realtors, it’s important to me that you have access to affordable mortgages, your private property rights are protected, and you have access to reasonable flood insurance. I also really love helping protect small businesses.
During the conference, we met with members of Congress who told us their number one focus this year is on tax reform. On the surface, I love tax reform, except when it comes to impacting your home. One of the things that are being discussed right now is possibly doing away with the mortgage interest deduction or lowering it from $1 million all the way down to $500,000.
They’re also discussing possibly doing away with second homes as part of the mortgage interest deduction, which would cut right into your retirement.
The second thing they are focusing on in terms of tax reform is 1031 tax exchanges. Working with those of you who invest both commercially and in multi-family properties, I know how important this is and I don’t want Congress to take it away.
The last thing we have been working on is very near and dear to my heart, and that’s flood insurance. The National Association of Realtors has been very involved with FEMA and Congress in the reauthorization of the national flood insurance program, which expires on September 30th this year. The last time it expired, it impacted more than 40,000 transactions. People were not able to buy or sell, and that is unacceptable to me.
We are working very hard to make sure that doesn’t happen. I want you to have affordable flood insurance, be able to protect your family, and be able to deduct your mortgage interest. More importantly, I want you to be able to prepare for retirement with a 1031 tax exchange.
If you have any other questions for me, please don’t hesitate to give me a call or send me an email. I look forward to hearing from you!