Tax Issue From Selling Real Estate
Real estate agents are not accountants, nor should they advise you on tax matters. That being said, a real estate professional should be familiar with all aspects surrounding a real estate transaction. Would you appreciate if your real estate agent raised matters to your attention that could help your CPA save you thousands of dollars at tax time? Most people only have a tax preparer, not a tax planner. Most tax preparers ask a standard set of questions designed to catch any available deductions, but many deductions are often missed. Just as an example, if you paid points in the refinance of your home, you may be missing out on a significant deduction if you sell your home and no one brings to your attention that you may be able to fully deduct the points paid in the refinance. If your real estate agent didn’t ask, you may want to look for another agent.
St. Louis Real Estate Agent
From offices in Chesterfield and South County, TdD Attorneys at Law LLC represent clients in communities throughout the metropolitan St. Louis area. Contact attorney Ted Disabato at (314) 819-5713 to schedule an initial consultation with an experienced St. Louis real estate agent.
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IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or promoting, marketing, or recommending to another party any transaction or matter addressed herein.