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MetroBrokersTV : Welcome to Metro Brokers TV and I am very honored today to have Ted Bryant. Ted is a director for the National Association of REALTORS®. He is also director for the Colorado Association of REALTORS® and he has been a past Real Estate Commission chairman. So, quite a lengthy pedigree. Ted, welcome.
Ted Bryant: Thank you Mark. I am honored to be here.
MetroBrokersTV : We wanted to have you in here today Ted. First of all one of the requirements for Metro Brokers is everyone has to be a realtor.
Ted Bryant: Right.
MetroBrokersTV : I think there is... it probably depends on one's devotion to their profession, but I think there is a lot of misconceptions about the benefit of being a REALOTR® and really what our money goes towards and I wanted to talk today briefly about some of the really important financial and tax considerations that our dollars have done for us over the past...
Ted Bryant: Mark, I don't think we have time today to cover all of those things because that is a big ball of wax. Basically, let me... the organization, we feel is the voice of real estate. When you stop and think about it, when the legislature wants to put a transfer tax on real estate, who goes down to try to get that from happening? Is it... does Bonnie Brae Home Owners Association goes down there? Of course not; it is the State Association of REALOTRS®. We look out for our customers as well as our members. When you belong to the National Association of REALTORS®, you are actually belong to three separate organizations. You have the National Association, which is this year 100 years old, NAR, and then you have the State Association of REALTORS®, Colorado Association, and then you have whatever local board it is that you belong to. It could be the Mountain Metro, Jefferson County, South Suburban. So, those things wrapped together are the organization and the various sections of it and in there we have government affairs, education. We also have a great deal of things that offer an opportunity to our member to do a better job for the public and for themselves, but in order to really benefit from that, that member has to go to those things and to participate and work on it, such as that example that we talked about, the Lowes benefit where you go in and register your clients and Lowes send them under your name a card if they just bought a house to a nice discount at Lowes to help them buy something for the new house. It also will do several other things for you on that site. That is just one example.
MetroBrokersTV : Well, let's talk about some other issues that NAR has fought for on our behalf and the consumers' behalf as far as financial tax benefits. We are talking about the primary capital gains tax being pretty much eliminated on home sales.
Ted Bryant: Capital Gains Elimination- On your primary dwelling, if you lived in it for two of the past five years and you sell it, you don't have the capital gains tax on that up to $500000 for a couple, $250000 for single. That is in the law today because of the National Association of REALTORS®.
MetroBrokersTV : And what about 1031 tax free exchanges?
Ted Bryant: 1031 tax free exchanges, that is where you exchange a property. You don't ever sell it. You have to use an intermediary. You don't get the money, but you, within 180 days, buy another property, transfer that equity in there, it defers the capital gain until such time as you do so. There are many other things. We got the right for instance as REALTORS® to be independent contractors, actually to find legislation on the national level as to what it takes to qualify to be an independent contractor and before that, we are not and many people have trouble with IRS. So, I guess Mark the things that we are talking about, if you stop who would speak for us were it not for the National Association of REALTORS®?
MetroBrokersTV : Yeah.
Ted Bryant: Who would speak for us? Who would speak for the homeowner on the deductions and for not having to pay capital gains on their primary dwelling simply because in many cases it has increased because of inflation? So, it seems to me that the organization I am proud to belong to it and I think that our members should get more involved so they understand the many benefits that you do obtain from it.
MetroBrokersTV : Excellent. Well, I appreciate your information Ted. Thank you very much for coming down here today.
Ted Bryant: Thank you for inviting me.
MetroBrokersTV : You bet.
Posted on August 17, 2008 09:30:59 by  Mark.Eibner
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