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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (67492)	11/30/2006 6:58:17 AM
From: Tradelite	Read Replies (1) \| Respond to of 306849

<<Rental profit/loss is reporting using Schedule E. Anyone knows that. Sure you're a realtor? You don't seem to know much about the Washington DC area real estate market, and now this.>> What a remarkable statement. Maybe it's time for a little education about the professionals one works with....particularly those who require a state-issued license to practice in their field. I know enough about taxes and law to recommend to clients that they consult with an appropriate licensed professional in those fields. If I were running a brokerage firm, I would do the same as other brokers and try to keep my associates from shooting off at the mouth on tax and legal matters. (Brokers also recommend that state-licensed agents under their roof not veer from their immediate localities where they actually know the market....i.e., don't try to sell real estate in southern Virginia when northern Virginia is what you know--you'll be violating the state rules about "competence" in maintaining your license.) If you ever find yourself asking for or taking tax or law advice from a licensed real estate agent, ask the agent whether he/she is also licensed and experienced in those fields. People who attempt to render such advice can suffer severe consequences at the hands of the state licensing agency and via lawsuit from a client who later thinks or knows he got amateur advice. In our lawsuit-prone society, it doesn't pay to wander outside one's expertise. As for your comment implying I don't know about Schedule E....well, yes, I was just born yesterday (not).