There are countless tax benefits associated with real estate. Done properly, there is much to gain. Done improperly, there can be a lot to lose, especially if the IRS does not agree with what you have done.
It is crucial that when considering any sort of real estate transaction, you consult with expertise from both a legal and tax perspective. At Skalski Law, we offer both in giving clients the advice, strategy, and support they need to capitalize on these real estate opportunities.
We will critically evaluate all of the legal and tax implications with you, so you can make the best decisions possible. For example, the last thing you want to learn after a real estate transaction has taken place is that you are facing a huge tax liability. Instead, you want to weigh all of these possibilities in advance, before taking action, so that your transaction is structured from the beginning from a position of tax advantage.
Still, even if you have already executed your real estate transaction, there are steps we can take to help. We know, for instance, that sometimes there are ways to maximize your tax benefit from real estate sold at a loss, even if your tax preparer has overlooked certain possibilities. And we know that there are ways to legally defer (sometimes permanently) or pay less tax on profits from real estate sales. Philanthropic strategies offer yet another fantastic opportunity for real estate.
Here are some other considerations and questions we help you to address:
- If I’m contemplating real estate as an asset management vehicle, should I buy or sell?
- If I buy, how do I maximize my tax deductions?
- If I sell, how do I moderate my tax liability?
- Should I think about selling one piece of real estate to purchase another?
- What is a 1031 tax-deferred exchange, and is this a good strategy for me?
- I have some real estate that I’d like to use to create cash flow. Is this a good idea? Should I sell it, borrow against it, lease it, develop it, donate it, conserve it, etc.?
With an acute understanding of how to maximize the tax benefits, and likewise minimize liabilities, of your real estate transactions, Skalski Law is your real estate ally. Contact us today to discuss further.