1031 Exchange Tax Questions

5 Replies

I'm in Asheville, NC and looking for a smart RE tax guy who can consult with me on a little bit complicated 1031 Exchange.  

I sold a rental in Colorado for $397,000 and purchased (thru 1031) a rental in North Carolina for $286,000.  That worked smoothly, however, after expenses I ended up with $89,000 in cash (the "boot")   The original price for the CO rental was $95,000 and I took $30,000 in depreciation on it. This all took place thru a two person Llc partnership so that, basically, all these figures would be divided in half.  Each partner earns $14,000 per year in regular income.  

Questions are:

1- Will there be any Federal Tax due for each partner?
2- What will the Colorado Tax be?  

But really, can anyone recommend an RE Tax consultant in Asheville area that really knows their stuff and has reasonable fees?

@Kenneth Dahle , I've had a great experience working with Goldsmith, Molis, and Gray here in Asheville. The guy I work with isn't taking new clients, but I've talked some with Karl Dehlow, as he just relocated here and has much background in REI.

Karl Dehlow, CPA | Goldsmith Molis & Gray, PLLC