What should a transaction broker suggest a buyer do to estimate tax deductions?

A transaction broker should suggest that a buyer seek advice from a tax expert to accurately estimate potential tax deductions. Tax laws and deduction eligibility can vary widely based on personal circumstances and changes in tax legislation, which can be complex and nuanced. A tax expert, such as a certified public accountant (CPA) or a tax advisor, is equipped to provide tailored guidance based on the buyer's individual financial situation, ensuring they understand the implications relevant to their real estate transaction.

While calculating the interest deduction might provide some insight, it doesn't encompass the full spectrum of potential tax benefits a buyer might be entitled to. Relying on a listing broker for tax information can lead to inaccuracies, as their expertise lies primarily in real estate transactions, not tax law. Contacting the County Assessor would provide current property tax details but wouldn’t address the broader question of tax deductions related to the purchase of the property. Therefore, consulting a tax professional is the most comprehensive and responsible approach for the buyer to assess tax implications accurately.