Tax expert and CEO of Engineered Tax Services will guide leaders in the South Florida real estate community through tax reform’s impacts. This is an exclusive presentation hosted by Douglas Elliman Development Marketing. Julio is a trusted member of the Forbes Finance Council and an expert on real estate investing.
“I look forward to sharing the effects of the new tax reform with fellow real estate investors to help them understand the benefits. People are leaving their homes and businesses in the Midwest and Northeast, and anyone in the Florida real estate industry has much to gain from this,” said Mr. Gonzalez.
The recent federal tax structures that were signed in to law by Trump are driving people to Florida. Because of the fact that Florida has no state income tax, and northern states have to deal with limiting state and local tax deductions, the real estate benefits are crystal clear. Florida is already a destination for “snow birds” and retirees, so, the new tax law is rather encouraging for these retirees to make Florida their permanent state of residence. This is huge for real estate agents, investors, and buyers.
“These new, permanent residents will benefit from the latest perks – rather than be ‘punished’ by the new law that many of their prior states of residence are now dealing with. This could cause major havoc on the cities and states that these new Floridians (many in the top 1 percent) are leaving,” said Mr. Gonzalez.
Meanwhile, economic and real estate professionals in Palm Beach County and beyond are having an exceptional time with recruiting new Florida residents.
“It’s a no-brainer. For example, New York taxes the wealthy, and Palm Beach is basically rolling out the red carpet of real estate benefits,” said Mr. Gonzalez.
For more information about tax reform’s impact on real estate, please contact Engineered Tax Services at (800) 236-6519.