Real Estate Accountant

[Bill B.]

Hi,

I’m attempting to help a family friend selling a home and need a referral to a CPA who specializes in real estate, or Real Estate Tax specialist in Ventura County California.

Thank you for your time and assistance.

Bill

[Basit Siddiqi]

@Bill B.

If the property is the personal residence of the grandmother, she is entitled to the section 121 exclusion. She would be eligible to exclude $250,000($500,000 if married filing joint) if she lived in the property for 2 out of the last 5 years.

She can't shelter the taxable income by buying another personal residence.

Do you know what her basis is in the property and what the fair market value is?

Sorry to sound grim, but the ultimate way to shelter the tax is to pass it to her heirs upon passing. This is something to consider if the taxes is substantial which it may be if the property is located in CA depending on when she brought it.