Topics covered and questions you’ll uncover during this episode:
- The real reasons behind the unprecedented seller’s market over the last year, and why it’s not just low interest rates fueling this market
- How the Tax Cuts and Jobs Act of 2017’s $750,000 mortgage cut for new home purchases is affecting buying decisions in the upper tier
- What makes an ultra-high-net-worth or high-net-worth individual’s finances “complex”
- Why most high-net-worth and ultra-high-net-worth individuals consider their tax professional their #1 most trusted adviser
- How CPAs advise their affluent clients on real estate decisions, and why it’s primarily based on the amount of interest that is deductible
- The influence of limited itemized deductions for high-net-worth and ultra-high-net-worth individuals on their decision to relocate
- The importance of networking among luxury real estate professionals and CPAs
- How Biden’s proposed tax plan affects the upper tier and why 2021 may be a better time for upper tier clients to sell their home if the proposed tax bills are passed
- The current guidelines governing tax exemption on capital gains for single individuals and married couples
Resources mentioned within the episode:
- Supreme Auctions
- Armanino
- The Luxury Market Report
- The Institute for Luxury Home Marketing