President Trump's tax reform brings big changes to real estate investors. Are you ready? KREIA Treasurer Mike Grinnan, who's a CPA specializing in real estate and small businesses, will be on hand to explain what's different and to answer your questions. We know you're going to have lots of questions.
So bring your questions! Mike is taking questions during the meeting and has also agreed to stay after at the bar.
The first thing you need to know is that the new law doesn't affect your filings for your 2017 taxes. But the big thing you need to know is that it will for your 2018 taxes next year -- and the time to start thinking about adjusting your tax strategies going forward is now.
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We caught up with Mike to talk about investors' tax situation both this year and next. "If you're a real estate professional, there are certain elections that need to be with your return. It could be a key point in whether or not you get a deduction," he said.
"On the rental side, we're going to look at mortgage interest deductions and some areas where, if you're not careful, you could lose your interest deduction."
He'll be addressing those topics at the main meeting, so you'll want to be in your chair by 7 p.m.to hear about that -- and about what's coming down the pike for your 2018 tax filing.