LISTEN UP!!!

For those who may have missed out on this information........This is a very important issue for all REALTORS®, and all our clients and customers. As if our industry hasn't had a big enough assault...HERE WE GO!!

We need to encourage all our peers, friends, family and customers to stand up and be heard. Once again our American Capitalist system is being attacked. If you have not contacted your representatives...PLEASE do so.

Call for Action: Prevent New Tax Burdens on Real Estate

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. The first would require all owners of rental properties to file IRS 1099 forms for all contractors they do business with if they pay that contractor $600 or more in any given year. This onerous provision would apply to even the smallest landlord.

In addition, 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.

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.

Take Action Now