Must-Watch Videos Before Tax Season

NAR has a new video series designed to help you navigate the new tax provisions. From business entertainment deductions to moving expenses, here’s what you should know before preparing your taxes:

Part I

• An Introduction to the Tax Cuts and Jobs Act

Part II

• Changes in tax rates
• Increase in standard deduction
• Elimination of personal exemptions
• Doubled child credit

Part III

• Changes to the mortgage interest deduction.
• Limits on state and local tax deductions
• Curtailment of casualty deduction
• Curtailment of moving expenses deduction
• Retention of capital gains exclusion on home sale proceeds

Part IV

• Elimination of business entertainment deduction
• Taking the 20 percent business income deduction

Part V

• Applying New 20 Percent Deduction to Rental Income