The Tax Cuts and Jobs Act was approved by Congress 12/20/2017. It will likely save many people on their final tax bill starting with the 2018 tax filings though some are going to benefit much greater than others.  The biggest gains are for businesses.  Since many real estate businesses and professionals work as independent contractors or as pass through owners these same tax benefits will be applicable.  The following stats and break down information was sourced from the National Association of Realtors. All individual provisions are generally effective after December 31, 2017 for the 2018 tax filing year and expire on December 31, 2025 unless otherwise noted. The provisions do not affect tax filings for 2017 unless noted.  ( Please note that I am not giving any specific tax advise.  This is a general break down with non-specific examples. You should contact a tax professional to find out how the new tax plan will affect your personal tax situation.) ...