Personal Finance

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Rachael Phillips
  • Investor
  • Anderson, CA
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Looking to talk to a CPA for selling a home

Rachael Phillips
  • Investor
  • Anderson, CA
Posted Oct 19 2022, 08:41

I am selling a real estate investment property next year and wanted to talk to a CPA about capital gains and other taxes that I may have to pay for selling it. Please let me know if anyone is able to chat with me about this. I just need to double check some things with someone who knows about real estate. 

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Replied Oct 23 2022, 06:31

Talk to an EA instead of a CPA. They have more knowledge on tax laws than CPA. A CPA is good for general accounting but could leave thousands of dollars on the table. It’s all about what you want to do with the money. I’m only suggesting this to try and keep as much as you can in your pocket. 

If you give a little more background detail to your situation others may have a better solution.

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John Duston
  • Accountant
  • Santa Barbara, CA
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John Duston
  • Accountant
  • Santa Barbara, CA
Replied Oct 23 2022, 09:20

@Daniel Burke

Lol no they're not.

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Rachael Phillips
  • Investor
  • Anderson, CA
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Rachael Phillips
  • Investor
  • Anderson, CA
Replied Oct 24 2022, 07:27

@John Duston do you have time to chat with me about this? Message me if you do.

Much appreciated,

Rachael Phillips

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Replied Oct 24 2022, 07:53

Most if not all CPA's will be able to answer your questions. It's good that you are reaching out to an accountant before the sale. My late father was a CPA and every year he had clients come in who had sold an investment property, taken possession of funds, and then wanted to do a 1031. However, since they, not an intermediary, had taken fund possession, my father was the bearer of bad news. 

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Fulton Abraham Sanchez
  • Accountant
  • CPA Miami, FL
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Fulton Abraham Sanchez
  • Accountant
  • CPA Miami, FL
Replied Oct 24 2022, 10:07

@Daniel Burke, hi. There is no such thing as a better AE or CPA for tax laws. Its all about their real estate and investing experience to advise you with real estate tax deductions and strategies. 

CPA Florida (#ACC44844)

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Bruce D. Kowal
  • Metro NY + New Bedford
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Bruce D. Kowal
  • Metro NY + New Bedford
Replied Oct 25 2022, 11:48

What the H-ll is Mr. Burke smoking?

CPA Texas (#035694)

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Basit Siddiqi
  • Accountant
  • New York, NY
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Basit Siddiqi
  • Accountant
  • New York, NY
Replied Nov 30 2022, 21:32

When you have the conversation - Have a discussion to see what the tax would be on an outright sale.
You may have suspended passive losses that would eat up most of your gain.
If the property was previously a personal residence, there may be some exclusion.

If you do have a gain upon sale, have a conversation to see what options(if any) you have of deferring the gain and what the steps would be.

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Rachael Phillips
  • Investor
  • Anderson, CA
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Rachael Phillips
  • Investor
  • Anderson, CA
Replied Dec 12 2022, 14:19

Hi @Basit Siddiqi, do you have some time to chat with me about this? I am trying to get some advice/opinions before selling and need some help. Any chance you can chat with me sometime soon? It would be much appreciated!