Never Too Soon to Think about Taxes

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!

It's the Buying Time of the Year

If you are interested in acquiring investment or commercial property, and you have any hope of doing so by the end of the year, you need to be acting right now.  We just had a wonderful investment property close in 58 days from the day of listing to the day of closing.  That's about the number of days left in 2011.  It will most likely only work if you will be closing with cash, but almost 40% of all properties that have sold this year in Connecticut have sold for cash. 

Many people like to try to put whatever expenses they can into the year just ending.  Others have let the end of the year sneak up on them.  Still others may have begun their tax planning, and may just have realized that they have real estate transactions that they should be completing.  Whatever the reason, we see more rushing at the end of the year than at any other time.  Both buyers and sellers are often motivated to move quickly, for personal, tax, or business reasons, and there's always a push to get things completed before the holidays simply sweep most work aside.

Don't get caught--act now.  Call your Pearce Commercial agent today!