Need accountant/tax preparer in Chicago area

Buying & Selling Real Estate
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Need accountant/tax preparer in Chicago area

Julieanne Zenz
Investor · Geneva, IL · Member since 2016 · 10 posts · 0 votes

I reside in the western suburbs of Chicago (Geneva, IL). I am in need of an accountant/tax preparer (preferably specializing in real estate).  I am selling an over seas property and have realized that according to the irs website the tax code will not allow a 1031 exchange with non US properties.  Does anyone have any experience with this?  I am trying to figure out how to minimize our capital gains tax on the profit.  Any thoughts or suggestions are appreciated.  Thank you.  Julieanne 

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  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    10y

    @Julieanne Zenz, While you may not exchange foreign property for US property under 1031, you may exchange foreign property for other foreign property in order to defer US federal tax.  It can be an incredibly tedious process fraught with potential pit falls depending on the country where you hold property.  Not many QI's will work outside the US in such a manner.  We've chosen to keep our efforts domestic and in US territories.  I would recommend @Bill Exeter for such an endeavor.  He's on forum but I don't think his tag will highlight in my post.

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  • Julieanne Zenz
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    Investor · Geneva, IL · Member since 2016 · 10 posts · 0 votes
    10y

    Thank you Dave.  I did find their info on another thread and spoke with them last night.  They were incredibly helpful. I agree.  I will most likely sell the property and simply move my funds to the US.  Now I am in the process of searching for a CPA/tax preparer to help me minimize the impact of the depreciation tax as well as prepare my company's annual tax work. I've been reading old posts, but am always interested if anyone wants to recommend another CPA/tax preparer?

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