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Rainmaker
1,600,481
Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, ePRO
Big Block Realty 858.232.8722 - La Jolla, CA
Serving Coastal San Diego, Veteran's & Seniors

No Tax Advice ever given. I do caution/advise clients on two things:

1. 1031 Exchange strategies.

2. Checking with their or my recommended CPA re: Capital Gains Taxes before making a decision.

Sep 25, 2024 07:42 AM
Rainmaker
2,486,811
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

If I am understanding your question correctly Peter Mohylsky, Beach Broker I would say I have no expertise in tax matters. I would refer them to my CPA if they do not have one already.

Sep 25, 2024 06:57 AM
Rainmaker
876,206
Eileen Burns 954.483.3912
Trans State Commercial Realty Inc. - Fort Lauderdale, FL
FLorida Real Estate Connector

I like to stay in my lane and refer those topics to CPAs, 1031 exchange folks and may mention some possibilities Peter Mohylsky, Beach Broker 😎

Sep 25, 2024 06:53 AM
Ambassador
3,406,905
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I echo Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, ePRO comment. 

The expertise is within the wisdom not give advice for which I am not licensed - and to refer to those who are.  

Sep 25, 2024 07:45 AM
Rainmaker
302,490
Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

I would always advise a client see an accountant, but there are basics we all know, deduction-wise.    As for tax deferring strategies,  I stay in my lane, that is not my expertise.  

Sep 25, 2024 06:45 AM
Rainmaker
2,827,554
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I can comment, point in right direction & support the need, but this is something I call in to a third party of which I have...Everyone wins

Sep 25, 2024 10:56 AM
Rainmaker
1,090,645
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Yes, when I taught for CREI, I sat in on 1031 classes right before mine (technology/client communications/risk reduction) with the guy we did our personal 1031s with and he has since retired but was the best! I do NOT advise on 1031s HOWEVER my clients do them and if they don't have an intermediary, I can confidently provide resources. One thing I require is, if they're gonna deal with deferring taxes they need the intermediary to MAKE SURE they are doing what works per laws BEFORE we take any action. 

You haven't lived till you've had someone say they want to do a 1031. does not have an intermediary and the money's in THEIR account.

"No, you're not!" 

Sep 25, 2024 07:20 AM
Ambassador
2,699,237
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 Yes, but only as a general discussion.  And verbal - no email, text, or paper trail (except when I advise them to consult a CPA or Tax Attorney).

An example is the Section 1031 Tax Deferred Exchange.  A guy from my church was  going to sell his townhouses; he was going to put the gains into another real estate investment.  He had never heard of Section 1031.  When I explained it, he wanted to learn more, so I set up lunch with my CPA. 

  Investor was able to defer several hundred thousand dollars of taxable gains on the sale of those townhouses... he is my client for life!

Sep 25, 2024 07:04 AM
Rainmaker
782,319
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

No Way, No How!  I'll give my opinion on the real estate market and local community but will never put myself in a position of being sued.

Sep 25, 2024 10:52 AM
Rainmaker
1,626,727
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker, Notary

I will advise them on how a 1031 works, or mention they can depreciate a rental uit, with full disclosures of not being an accountant but the benefits of real estate ownership.

Sep 25, 2024 09:47 AM
Rainmaker
512,921
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, SFR®, e-PRO®, GRI, AHWD, REALTOR®

Peter Mohylsky, Beach Broker 

I stay on my lane, just like Eileen Burns 954.483.3912 

Sep 25, 2024 07:14 AM
Rainmaker
1,865,848
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

I would not advise on taxes.

Sep 25, 2024 07:01 AM
Rainmaker
936,789
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

I guide them to their accountant. I don't give tax advice. 

Sep 25, 2024 08:43 AM
Rainmaker
5,421,098
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

I made the choice to do brokerage, although I was a licensed attorney. I had friends who chose to practice law who were also CPA's to provide tax advice.

Sep 26, 2024 04:45 AM
Ambassador
5,138,649
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Nope, don't go there. Am not a tax expert and don't provide that advice. I recommend they talk to their CPA and/or 1031 exchange company.

Sep 25, 2024 07:45 PM
Rainmaker
5,961,368
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Only the benefits of a 1031, otherwise we are NOT to be an expert for their taxes.

Sep 25, 2024 01:12 PM
Rainer
405,659
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

no I'm not a tax attorney or CPA and I stay in my lane.  I know about 1031 tax exchanges and how to write the offer appropriately but I also know how to tell someone to seek the advice they need.

Sep 25, 2024 12:03 PM
Ambassador
3,642,428
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

No Tax advice from me!  I do refer folks to a few local CPA's that is their specialty.

Sep 25, 2024 11:05 AM
Rainmaker
5,248,445
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

No, never. I am not a tax person. I know enough to be dangerous. I refer those questions to their tax professional and if they don't have one, I will provide referrals to a number of top tax professionals.

Sep 26, 2024 05:00 AM
Rainmaker
917,243
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Best to refer clients to tax professionals. 

Sep 26, 2024 05:44 PM
Ambassador
6,619,522
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Very versed in forest tax programs, other programs I am less informed.

Sep 26, 2024 12:19 PM
Rainmaker
881,253
Gwen Fowler SC Lakes & Mountains 864-710-4518
Gwen Fowler Real Estate, Inc - Walhalla, SC
Gwen Fowler Real Estate, Inc.

no, I try to stay in my lane. I am not an accountant or lawyer or surveyor or structural engineer or termite inspector or any of the other professions, but I do have them on speed dial when my clients need a question answered.

Sep 26, 2024 05:49 AM