OK, my rebellious crew...vacation is over, the boat is back in port, I've slept off my turkey-induced coma from last week, and it's time to get back to work. Especially as the end of the year approaches and we all start thinking of that dreaded season of spending too much money on too many things...no, I don't mean Christmas...I mean TAX SEASON.
So in a departure from my usual split between Buyer's Tip and Seller's Tip, I thought I'd toss out one for both sides.
The last day of the tax year for most of us is a mere 28 days away. If you're considering or in the middle of a sale of property, either as buyer or a seller, NOW (not later, NOW) is the time to talk to your accountant about what the tax implications are between closing before or after Dec. 31st.
The answer, in general, is "it depends." And that's why you need to talk to your accountant NOW. Because in a couple of weeks the Holiday insanity will be in full swing, and nobody wants to be a Scrooge and get their RE Agent out of bed on Dec. 26th in a panic because a deal needs to close in three days or credits will expire (fer instance) and nobody wants to duck a seller's calls through New Year's because they want a transaction booked in 2010 (fer another instance).
So get the question in now, talk to your tax guy/gal, and work with your opposite number (depending on if you're a buyer or a seller), and work out something that works for everybody. And go into the holidays knowing that all you have to worry about timing is the Turkey...the potatoes...the casserole..the green beans...the stocking stuffers...
Stay Rebellious!
-Larry
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