I don't currently have an accountant; I have been a devoted Turbo Tax user for over 15 yrs. I even (I think, I got a refund) got through the forms for my duplex purchase in New York last year.
I would like to find a CPA/Financial Advisor for some actual advice/strategies as I look toward my next purchase. I plan on moving to Florida in the next year.
Thanks so much
Moving to Florida is great for tax purposes as most of your income will be sheltered from state income taxes. The only item that may be subject to state income tax is the properties that would be held in income tax states.
When you did your taxes last year - did you factor in expenses from your closing disclosure(previously HUD-1) which include items like title costs, loan origination fees, pro-rated real estate taxes. Most people who self-prepare their own return forget to include it to factor it in their return.
Did you have a question regarding capital gains tax?
@Patty Harris Hey Patty! I see you already have a CPA from New York who commented on this already - my brother is also a CPA in New York. I'm more than sure @Basit Siddiqi will give you all the information you need, but if you need another resource then my brother's name is Nicholas Aiola. You can find him here on BiggerPockets.
Best of luck!
Thank you Basit and Joe for your responses. Yes, I took all of the above deductions including my travel, lodging, car, gas, 50% food-$7000k in total. As far as capital gains, I will have an approx. 325K gain minus the 250K exemption since I have been in my house for 17 years. I read today that the cost of getting my house ready for sale is also deductible. This contradicts what I have read about the distinction between 'maintenance' and 'preparations'. That is my main question. I also will have a healthy six figure income this year but next year I plan on retiring, so it makes more sense to have gains due 2020 instead of 2019. Does this make sense?
@Patty Harris Costs of selling will certainly lower your capital gains. It's very important to make sure you calculate your basis correctly when computing capital gains - no one likes to overpay taxes!
Feel free to PM me if you have any other questions.
Taxes really screwed me. I had to take private student loans at http://aupaydayloans.com/private-student-loans/ to save me. I payed for college and i'm happy.