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Chapter 15 Info

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NOTE: Although all real estate licensees must have basic knowledge and understanding of the federal income tax laws affecting real property, they must not give tax advice to buyers and sellers. Because each taxpayer's situation is different, only competent professional tax consultants who are familiar with the taxpayer's position should give advice of this nature. Real estate licensees should recommend that buyers and sellers seek this specialized expertise when appropriate. 

 

HINT FOR THE STATE EXAM

You will probably get only a couple of questions on income taxes on the state exam. You should absolutely know the capital gains treatment on a principal residence (exemption of $250,000 if you're single and $500,000 if you're married and filing jointly, and you must have lived in the property for 2 years of the past 5 years). 

Properties that are not principal residences - taxes must be paid on the full capital gain (there are no exemptions). You should be aware of favorable tax treatment for these transactions through a 1031 Exchange or Starker Trusts. It is unlikely, that you will receive a question that is specifically referencing the mechanics of either.

Licensees should encourage their clients to the advice a tax professional.

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Last updated 04/02/10