Need an Expert CPA that knows very well the tax laws

3 Replies

I need an expert CPA. We moved form a different state in Florida 2 years ago. Selling a big property here and a mistake can cost us over 1 million dollars. There are partners involved and LLC’s and trusts so we do need someone knowledgeable. We don’t know too many people in Florida so if someone knows very well the tax laws/IRS regulations, Please leave your phone no/email and I will gladly contact you so we can discuss details. Thank you .......................................................
Originally posted by @Anca Lupse :
I need an expert CPA. We moved form a different state in Florida 2 years ago. Selling a big property here and a mistake can cost us over 1 million dollars.

There are partners involved and LLC's and trusts so we do need someone knowledgeable. We don't know too many people in Florida so if someone knows very well the tax laws/IRS regulations, Please leave your phone no/email and I will gladly contact you so we can discuss details. Thank you .......................................................

 Anca,

Feel free to ask if you have any questions.  I have regular engagements that bring me down to Plantation. If you would like to review the ramifications feel free to reach out to myself or I would suggest a conversation with @Lance Lvovsky

@Anca Lupse

Selling a property is a big taxable event and it should be done right.

If there is considerable taxable gain involved and your goal is to stay in real estate - you may want to consider doing a 1031 exchange which would defer the gain. It appears that the property is held within a partnership so the partnership would have to do the 1031 in this case(if you decide to go this route).

If the property is sold outright - the gain(if any) is broken down into two components that is subject to depreciation recapture and that is subject to capital gain treatment.

If the property is located in Florida and you are a Florida resident - you shouldn't be exposed to any state income tax upon sale.

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