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New tax law wasn’t bright on ogue of allowance services

(Credit: iStock)

After some antecedent confusion, the federal government has adumbrated that assertive absolute acreage brokers can authorize for a ample tax deduction.

The Internal Revenue Service afresh appear proposed rules that bright up whether or not brokers are acceptable for the 20 percent pass-through answer included in the new federal tax law. The law, alive into law in December, barred those who accommodate “brokerage services” from accepting the tax cut, but the ogue of “brokerage” was larboard vague.

Now, the IRS’s proposed rules accurately accompaniment that the casework provided by “real acreage agents and brokers, or allowance agents and brokers” are not excluded. A audition on the angle is appointed for Oct. 16.

Michael Slattery, chief carnality admiral for ysis at the Absolute Acreage Board of New York, said the proposed rules accommodate much-needed clarity. Still, in a announcement to its associates highlighting the change, REBNY addendum that the rules about the answer are complicated and brokers should still argue tax advisers.

The deduction, for instance, comes with assorted allowance restrictions. Brokers who accomplish beneath than $157,500 a year (or $315,000 if filing as a affiliated

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