Realtors/Accounting Questions

[Nicole_Jones]

I am curious how many realtors field tax questions. It seems every time I drop by this site there is someone asking tax advice on property purchases.

Are realtors required to learn certain tax laws or do people just naturally assume realtors know tax law?

[gjtrafl]

We are reminded frequently that tax questions should not be answered by us but rather by their personal tax representative. Fortunately I have a brother that is a CPA. When the tax questions come up, I put him on speaker phone and get the correct answer on the spot.

It's great!

[OregonLO]

I'm on the mortgage side and even I don't give out tax advice. I give out a great the number to my accountant and tell them how great he is and that is about it. I don't mind discussing a little bit of what I know with them as long as they "take it with a grain of salt"

[Jim Erickson]

Are realtors required to learn certain tax laws or do people just naturally assume realtors know tax law?

Agents are not required to learn tax laws nor is it a part of the licensing requirements and people should never assume agents know tax law.

[FlatFeeKing]

I am a realtor, but I have my masters in Accounting and was a practicing accountant for awhile. I give tax advice, but I say, thats just my opinion, talk to your tax guy. I think I am essentially letting them know about potential issues or savings.