5 Reasons To Have A Real Estate Tax Attorney In Your Team As A Realtor


Real estate transactions can be complicated and require a great deal of knowledge in both the legal and financial aspects. As a realtor, it is essential to have someone on your team who can provide guidance when it comes to tax implications that could impact the success of any given transaction. A real estate tax attorney is one such expert that can help simplify the process and provide valuable insight into potential tax ramifications so you don't leave money on the table or unwittingly create liabilities for yourself or your clients. Here are five reasons why having a real estate tax attorney on your team is beneficial for you as a real estate professional:

1. Advise on Buyer Tax Benefits

It is important to know what types of incentives may be available to buyers who are looking to purchase a property as part of their tax benefits. A real estate tax attorney can provide guidance on what types of tax deductions, credits, and exemptions may be available that could help lower a buyer's overall costs. They can also advise on how long a buyer has to stay in the property in order to take full advantage of any potential rules or regulations which could benefit them financially.

2. Help Guide Sellers Through Tax Implications

Selling a property comes with its own set of tax implications for sellers, such as capital gains taxes, depreciation recapture, and other related fees associated with disposing of assets. An experienced real estate tax attorney can help guide clients through these complexities so that they have an understanding of the potential tax consequences before signing any contracts.

3. Offer Guidance on Tax-Deferred Exchanges

When it comes to exchanging one property for another, there are various IRS rules that must be followed in order to take full advantage of the benefits associated with a 1031 exchange. A real estate tax attorney can advise clients on what actions must be taken in order to qualify and how they can benefit from this type of transaction.

4. Explain Real Estate Investment Trusts (REITs)

REITs have become increasingly popular among investors due to their potential for high returns with minimal risk. As a realtor, having an understanding of REITs is especially important since clients may inquire about them as part of their investment portfolio. A real estate tax attorney can provide detailed information on how these investments work and the associated benefits so you can properly advise your clients.

5. Assist with Property Tax Appeals

If a client feels that their property taxes are too high, they may be able to challenge them if there is evidence that supports their case. A real estate tax attorney can help review any relevant documents and assist in filing an appeal on behalf of the client to ensure that they aren't paying more than what is fair and reasonable for their property.

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