Tax Realty Consultant

7. Consider tax benefits. Resort property can offer tax benefits, but it takes the advice of experts such as professional exchangers, CPAs and your trusted personal tax consultant to ensure that you enjoy the benefits. Get expert input on 1031 tax exchanges, primary residence capital gains exclusions and the conversion of one of these to the other and how it affects you and your tax plan. You can even buy resort property in your IRA or Keogh plan, but again these sophisticated deals require the solid, informed advice of experienced tax professionals.

8. Know property management options. To maximize your enjoyment and minimize your responsibilities, you might want to hire a property management company to look after your new investment. If so, you´ll want to determine whether a long-term or short-term program is best. Short-term generally means nightly or weekly rentals, while long-term usually means six to 12 months out of the year. Ask your broker to recommend at least two to three management companies and interview each one. Learn what the fees are, get references, and don´t sign up for anything more than a one-year term. Why? You need to get to know the management company before entering into a long-term relationship.

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