All Forum Posts by: Fulton Abraham Sanchez
Fulton Abraham Sanchez has started 2 posts and replied 186 times.
Post: Section 121 question
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
Quote from @John Hua:
Hi all,
Me and my wife live in our SFH full time for the past year. In the upcoming year, we are getting roommates to help with expenses while continuing occupying as primary residence. We have ~400k in gains after improvements. My questions is how does section 121 apply in our situation(married couple)?
-If we sell after year 2, do we claim 250k(yr 1) and 125k(yr 2 with half the house rented) for total deduction of 325k gain?
-What happens if we continue to rent out half the house, does at some point we get to claim the full 500k deduction?
or is it calculated differently entirely?
Thanks in advanced!
John
If primary residency you can claim the tax exemption, but need to report rental income and pay taxes for that.
Please see Topic No. 701, Sale of your home | Internal Revenue Services
https://www.irs.gov/taxtopics/tc701
Post: Primary residence sale within 2 years
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
Quote from @Kaushik Sarkar:
Hi,
I am a single family home investor, however we are looking to sell our primary home in Chicago and moving to Dallas this summer.
We have bought the Chicago home in Nov'22. Would I owe tax on the profit I make on the sale of this primary residence property, since i have lived here less than 2 years?
Is there any guidance on how to save the taxes?
thanks
https://www.irs.gov/taxtopics/tc701
Post: Real estate CPA questions
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
@Kaushik Sarkar, hi. There are over 20 active CPAs here in these forum assisting RE investors with their tax planning and strategies across multiple States. Make sure to reach out to one with Real Estate experience. Preferably contact them by e-mail as we are not allow to self promote.
Post: Looking for a CPA with K1 GA state tax experience
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
@Evelyn Guo, hi. You've come to the right place. We are a community of Real Estate investors and CPAs active in these forum. Most of us CPAs assisting RE investors with their tax planning and tax filings. Preferably reach out to one of us by e-mail as we are not allow to self promote.
Post: Real estate focused CPA in CA & FL
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
@Isaiah Cortez, hi.
Welcome to the BiggerPockets Community! There are over 20 of us active CPAs here in these forums assisting Real Estate investors with their tax planning and strategies to minimize their tax liability. Make sure to reach out to one with real estate experience, as location is not a problem these days. Preferably contact us by e-mail to set up a consultation call.
Post: Recommendation for CPA and attorney
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
@Ashley Dennis, hi. You've come to the right place! We are a community of Real Estate investors and RE experienced CPAs here in these forums. We assist clients with their tax planning and tax filings. I may be able to help with your tax related questions. E-mail us preferably as we are not allow to self promote.
Post: CPA Needed As Soon As Possible
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
Quote from @Jose Valdez:
Fulton,
Thank you for reaching out. I will definitely reach out to you so that we can have a conversation.Please see e-mail contact on my Biggerpockets profile page. I will get back to you soon.
Please see e-mail contact on my Biggerpockets profile page. I will get back to you soon.
Post: CPA Needed As Soon As Possible
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
@Jose Valdez, hi. You've come to the right place. There are over 20 active CPAs in these forums assisting RE investors with their tax planning and strategies. Do not hesitate to reach out to one of us preferably by email, as we are not allow to self promote.
Looking forward to hearing back from you.
Post: Looking for an NJ CPA to help with filing taxes and tax strategy
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
@Kat Estrada, hi. We are a community of real estate investors and other professionals, including over 20 active CPAs in these forums. Most of us assist real estate investors with their tax planning and tax filings. Do not hesitate to reach out via e-mail preferably, as we are not allow to self promote. Glad to help!
Post: Looking for a CPA recommendation for 1031 exchange
- Accountant
- CPA Miami, FL
- Posts 192
- Votes 43
@Ana Vhan, hi. You've come to the right place. There are over 20 active CPAs in these forums assisting real estate investors across multiple States with their tax planning and strategies. Do not hesitate to reach out to one via e-mail preferably.