The 2018 Tax & Jobs Act and Its Impact on the Real Estate Market

Members and guests at the May Mastermind Meeting in New York City listened intently as speaker Aaron Lerner, senior tax manager at EisnerAmper, provided a detailed overview of the effects of the 2018 Tax and Jobs Act on the NYC real estate market. He covered a range of topics, including deductions, losses and gains for individuals and corporations; cost recovery provisions, sales and construction of new properties; partnerships, accounting modifications, and much more.

One of the many differences discussed was the average gross receipts threshold amount for small business tax payers that increased from $10M to $25M; qualified business taxpayers are exempt from accrual methods of accounting. Members learned that the average gross receipts threshold for long-term construction contracts also increased from $10M to $25M for the prior three taxable years.