Tax (CPA also?) help needed: selling sfh in WI; CO resident

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Tax (CPA also?) help needed: selling sfh in WI; CO resident

Kelly G.
Florissant, CO · Member since 2013 · 184 posts · 69 votes

Greetings;

I will be selling my sfh in Milw soon;  this house was a rental for several years, but I have been living here for the past 3+ years.  But I retained my CO residency where I have another house ("my" house).  Need tax advice - maybe 1031 help?  Do I need someone just familiar with WI taxes - or WI and CO taxes - or one of each? 

The WI house will sell below $250k cap gains limit - if I claim that (should I claim that?). 

Thanks

Kelly

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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    4y

    You need to prove that your WI house was your primary residence to claim the exclusion.  

    Since the property was also the rental, you will have something called nonqualified use and pay some taxes. 

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  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    4y

    @Kelly G., to add to what @Ashish Acharya said, the 1031 option isn't available because it is currently being used as your primary use.  

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  • Kelly G.
    OP
    Florissant, CO · Member since 2013 · 184 posts · 69 votes
    4y

    @Ashish Acharya -  Thanks for the info.  Don't think I'll have a problem showing this as my 'primary' residence as I haven't even set foot in my CO house in 3+ years (yikes! time does fly). 

    @Dave Foster - Shows you what I know about 1031s!!  :-) (insert sheepish grin here). 

    so since each of you live in different states, neither of which is WI or CO - and you seem to know about these matters - does this mean I can ask "any" CPA/Tax pro about this issue?  This sale will affect my WI state taxes, so maybe better to find a CPA/Tax person here before I leave?

    Thanks

    Kelly 

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  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    4y

    @Kelly G., from the 1031 perspective it's handled the same in all 50 states and most companies like ours will work nationwide.  A good CPA like @Ashish Acharya will be able to take care of both your federal and state issues as well.

    It's a small world after all (been waiting decades to use that phrase somewhere :)

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  • Kelly G.
    OP
    Florissant, CO · Member since 2013 · 184 posts · 69 votes
    4y

    @Dave Foster - Huh . .    never would have occurred to me that I could hire a CPA from another state;  always figured they would have to be local - at least to the state - . . .   shows you what I know about CPAs!  ( insert another sheepish grin) -  

    Learning something new every day!  Thanks Dave - should I ever consider a 1031 (after more learning) will certainly keep you in mind. 

    Kelly

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