November 19, 2014
Tax Reform Proposals Threaten Real Estate Through Repeal of Section 1031
With the 2014 midterm elections complete, Republicans now control both the U.S. House and Senate. Since tax reform has been an objective of both parties, it is certain that there will be tax reform bills introduced by Spring. The Senate and House Committees will start writing them in February.
This past year there have been three tax reform proposals from the Treasury, the Senate Finance Committee and the House Ways and Means Committee. All three proposals have included significant limitations or repeal of Section 1031 in order to raise revenue.
As you know, Section 1031 allows real estate investors to sell a property, defer the depreciation recapture and capital gains tax, then reinvest the proceeds within 180 days. Section 1031 has been a part of the tax code since 1921. It adds significant liquidity to real estate and is a strong economic stimulant. Section 1031 touches either directly or indirectly 45% of all residential and commercial real estate investment.
TLTA is concerned about this move to alter or eliminate Section 1031 and will be sharing those concerns with key members of the Texas Congressional Delegation and urging them to oppose the inclusion of these changes in any tax reform bill. If you are interested in assisting with that effort, please let us know by emailing
[email protected] and we’ll provide you with more details on how you can help.
CFPB Asks For TLTA and ALTA Input
ALTA has submitted the following comments to CFPB addressing the fact that the way the new CFPB form treats simultaneous issue is in conflict with the way it is currently handled in 26 states, including Texas. CFPB has also reached out to TLTA and other State Land Title Associations asking for our input on the new forms, including any implementation concerns. TLTA is working on developing comments to submit to CFPB and we welcome your input. If you have any concerns that you would like for us to share with CFPB, please email those to us at
[email protected].
Milestone Achieved with 1,200 Counties Now eRecording
The American Surveyor | November 11, 2014
As of November 1, 2014 more than 1,200 recording jurisdictions are eRecording enabled. 68 percent of people in the United States are now living in a jurisdiction that offers electronic recording for documents. The goal is that eRecording process will mean a shorter turn around time a faster transaction process.
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What Everyone Gets Wrong About Millennials and Home Buying
Time.com | November 12, 2014
You've probably heard millennials are not interested in buying a house, but are more likely to rent a fancy apartment. New reports say that is just not true. Studies show millenials are buying homes at a very similar rate to previous generations.
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Avoiding TDI Audit Violations:
A Focus on Compliance & Continued Conversation about the Recent Changes
Wednesday, December 10 | 10:00 - 11:30 a.m. CST
Presented by:
Robert York, TDI's Manager of Title Examinations
Brenda Nelson, Old Republic National Title Insurance Company
Nancy Waggoner, Republic Title of Texas, Inc.
Live Version |
On-Demand Version
1.
TDI Enforcement Overview
2.
Involuntary Liens: Types, Priority, Curative & More
3.
Recent Texas Title Insurance and Escrow Cases
4.
The Ethical Title Professional
5.
Are you Afraid of Commitment?