Real Estate Forums

San Diego Real Estate · 02-09-2007, 08:39 AM

Take your business to new levels by educating yourself on the countless taxation issues that affect your clients and their financial strategies including the critical role mortgage planning plays in their overall financial picture.

The best way to increase your taxation learning curve is to build a referral network of experts in tax laws and accounting. By educating yourself and assisting your clients on this topic, you'll add value to your customer interaction. Industry expert Gibran Nicholas, Chairman and CEO of the CMPS Institute, believes strongly that brokers should educate themselves on taxation and understand the benefits for both their clients and their business.

Consider these facts from Gibran Nicholas:
Tax knowledge helps both mortgage and financial adviser's make the right recommendations when
it comes to what kind of mortgage and investment products are most suitable for clients in different
tax situations.
Tax knowledge helps "test" other CPAs and third party adviser's already working with your clients to ensure their knowledge is sound and that your clients' needs are being served.
Savvy homeowners are able to deduct the interest
on up to $1 million of acquisition mortgage debt, i.e., any mortgage used to acquire, build and/or improve
a property.
Homeowners are able to deduct interest on up to $100K of home equity debt. Home equity debt is any cash-out proceeds from either a mortgage or home equity loan/line of credit that is not used to substantially improve the property.
For interest to be tax deductible for either acquisition or home equity interest, the mortgage must be attached to a "qualified" residence. An individual may have up to two qualified residences--a primary and vacation home--for tax purposes.

Give your clients "taxation with representation" and be the
go-to source for all their mortgage planning needs. It's another way to build your business and differentiate yourself from the competition.

*I would always recommend that they confirm their tax status from a licensed tax professional...

Las Vegas Homes · 02-12-2007, 08:23 PM

Good topic. In what ways do you express taxation issues with your clients? Do you provide them with literature, or simply talk to them about them?

REMAX LV · 02-14-2007, 04:22 PM

Typically speaking I bring up those types of topics when showing property. There is always plenty of time to bring up subjects that will both pertain to and impress your clients!

Las Vegas Real Estate · 03-15-2007, 06:02 PM

Yes, the more knowledgeable we can be about such issues will only help our business and make us more creible. I just had a client ask me a taxation question a few days ago here in the Las Vegas real estate market!