Need a real estate CPA? Attorney? to sell a house

[Jen Breysler]

Hello everyone, 

We are planning to sell our house in San Diego, CA. We use it as rental for the last couple of years.

We need someone to help us with all the tax implications that go with it. Who do we look for? Real Estate CPA? 

We currently live in New Hampshire. Do we need to find a CPA in CA, or any real estate CPA can help us? Or do we need a real estate attorney?

More info:

We own the house since February 2010, we've rented it out since January 2022. My husband and I both own the house. I haven't lived in the house since August 2021, my husband hasn't lived in the house since January 2021.

We need a consultation on how much money we can get and how much taxes we will pay if we sell the house around August 2024. Do we qualify for section 121, or maybe we can buy another rental and do we qualify for section 1031.

Any advice will be appreciated, as I've never sold a house before. 

Thank you so much for anyone who will find the time to answer. Also any good referrals are appreciated. 

T

[Dave Foster]

@Jen Breysler, You're going to qualify for the 121 exemption.  Your husbands time of residency might need to be looked at.  If you have more than $500K of gain (and you both qualify) or if you have more than $250K of gain and only you qualify then you could actually sell and take both the primary residence exemption.  And do a 1031 exchange on the rest.  So, effectively getting some of the profit tax free.  And indefinitely deferring the tax on the rest with your 1031.

You've got a great scenario to play out here.