need tax strategiest / cpa

8 Replies

I am in need of a good tax strategist and or cpa my person will be retiring soon in the Denver Colorado Area, I also have some property in Texas.

I have a question regarding capital gain also, so we sold a couple of properties that I couldn't get 1031 exchanged in the time allowed.
Our LLC had losses which I thought would absorb the gain from the llc my current account said I have to claim the capital gain and not use the loss to offset or reduce it.

it that correct??? does any one know?

Hey Roger welcome to BP

I don't have a Colorado recommendation unfortunately but if you browse the Tax forum here on BP there are several amazing tax pros. 

And regarding your gains:

Depends on if that LLC generates active or passive income - if it's an LLC that is like a florist shop those losses can't offset the rentals.

If it's also rentals and they have losses this year, that will offset the gain. 

If the rentals you disposed of had passive losses over the years those will all be available this year when they're disposed of. 


I'd reach out to a few tax pros here and see if you can find one you like and get that cap gain calc worked out so there are no surprises come tax time.

Originally posted by @Roger Hauf :

I am in need of a good tax strategist and or cpa my person will be retiring soon in the Denver Colorado Area, I also have some property in Texas.

I have a question regarding capital gain also, so we sold a couple of properties that I couldn't get 1031 exchanged in the time allowed.
Our LLC had losses which I thought would absorb the gain from the llc my current account said I have to claim the capital gain and not use the loss to offset or reduce it.

it that correct??? does any one know?

 I agree with @Natalie Kolodij You should focus on finding someone you correspond well with as opposed to someone who is local.

There is a big difference in TYPE of gain and type of loss. Some will offset overall; however, it may not offset that specific type of gain/loss first.  Focus on when that 1031 180 days were up as that can significantly effect your taxation on the gain.

to give everyone a little more information on my capital gain issue, we have an LLC that holds numerous rental houses. we have been selling off the property in one location and moving it to colorado springs.. a few we have used the 1031 exchange to move the asset, but we had two houses that we weren't able to roll so we had to take the proceeds. this caused the capital gain, but the llc still had loses for 2018 when the properties were sold and i was told we can't take the loss and have to take the gain on our tax return.

i thought the gain would be washed out by the loss??

@Roger Hauf

Not sure what your accountant had in mind. Maybe he thought that capital gains could not go against passive activity losses - which is normally true, but capital gains resulting from sales of rental properties CAN be offset with passive losses, including previously suspended passive losses.

There could be more to this situation, as I am merely making a guess. Maybe he is correct, since he knows the entire picture, and we do not.

PS. Nice to see another profile pic with a black belt  ;)

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