We are clearly in the dog days of summer, and many people are just sitting by pools, beaches, or air conditioners, but fall is just around the corner. And what comes after fall? The end of the year, and always faster than we think it will arrive.
If you are a buyer or seller of commercial real estate, it makes sense to start end-of-year tax planning now. We don't know everything yet about the new tax act, but we know some things, and we know provisions that haven't changed. In addition, any change in your circumstances, life choices, or tax status can cause you to need to plan for the future with an eye toward minimizing tax consequences.
One of the cardinal rules of transferring real estate is that it almost always takes longer than you think it will. Hence, my mid-summer plea to think ahead. Why rush in December, when you can get a jump on the end of the year by starting now? Even if you want your property to go onto the broader market after Labor Day, the process of getting things set to list, taking good pictures, filling out forms, and tracking down signatures can be lengthy. Vacations and back to school duties can also cause slowdowns.
Don't miss the fall bump in the market by beginning too late. Call us today to take advantage of the time left before everyone packs up their picnic baskets and heads back to work!
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