Law and Tax Go Hand in Hand

Happy June 1st! Summertime marks the busy season for real estate transactions, including the popular 1031 exchange for investment properties. Whether you are purchasing a home or selling a rental property, you should check in with your tax advisor to discuss tax implications and strategy in addition to discussing the transaction with your real estate attorney before the transaction occurs. Luckily, our office advises on the legal and tax implications in addition to handling the real estate closing and can hold your hand through the entire process. Our attorneys have been handling purchases and sales of real estate property for over 30 years and work closely with our tax professionals to ensure that the overall strategy is executed. There are so many ways to save tax dollars and having a trusted advisor is key. Oftentimes a purchase and/or sale can impact so many other facets of your overall structure, such as estate planning (for a property held in a Trust), corporate (for a property held in a corporate entity) and tax, and if you are not aware of the total outcome of your real estate transaction, it can have a negative impact all around. Law and Tax go hand in hand and your attorney should be knowledgeable in both.