Need a Real Estate Akamai CPA in Hawaii

[Sharon Carson]

While CPA's can cover ALL 50 States, I am looking specifically for one in the State of Hawaii.  There are State-specific rules.

I own a rental property in LAVA ZONE 2.   

It is currently a rental and has been for about 10 years.  (I reside in CA.)  (I am an "accidental" investor!)

I wish to sell this property.

I need advice regarding the tax implications BEFORE I consider selling it.  

1031?   Seller-back finance to my current tenant?   I wish to "crunch these numbers to find my best option!

It is problematic due to it's location, and the fact that my Cost Basis is WAY OFF.  I don't know HOW to fix that!

I need help from a CPA who understands the implications of Lava zone 2!

Mahalo in advance!

[Joshua Thompson]

Quote from @Sharon Carson:

Hello!

I bought raw land. I have built a house and a detached garage.

My County Property Tax Assessment shows the correct valuation.

However, the "cost basis" that my HRBlock person tells me is approximately $400,000. LESS than what it should be!

This means that when I go to sell it, I will be paying a ridiculous amount of capital gains!  Unless I can remedy this mistake!

Thanks so much for asking!

 Hi Sharon,

Are there specific local tax laws that will impact your state or federal taxes when you sell the property? If so it might be best to reach out to an accountant living in that specific area via speaking with local investors or a quick Google search and interview. What it sounds like you're looking for is a tax projection with some bit of planning to determine the best course of action. Most tax professionals can do this for you but you want to find the right fit. Too many will say yes we know XYZ just to bring you on as a client. Double-check reviews and ask a few general questions during the interview.

A lot of us are getting busy during this time dealing with extensions but you might be able to find someone.

Good luck!