Looking for specialized CPA

[Eric Wolf]

Hello all,

My mother-in-law is looking to possibly sell her home in Lakewood, but there are a few things at play to where she is looking for a specialized CPA to knows about real estate tax ramifications. Here are some of the bullet points of the situation:

1. She owns the home, but has a remaining mortgage balance

2. She has run a home based business (day care) out of the home for 20+ years and has taken depreciation over a period of time (so I'm assuming depreciation recapture may be at play if she sells it...?)

3. If she sold today, the gain on the home would be over the $250,000 IRS exclusion as she is a single person (non-married), so there would be a capital gain on the remainder at play as well

I myself do not know enough about this to inform her properly, and she has already spoken with a few non-real estate specialized CPA's and not really been too jazzed. I also do not have any further details on specific numbers, but am more trying to help refer her to someone who can help her more knowledgeably.

Just wanted to reach out to this network to see if this sounds like something that anyone has either gone through, or could recommend a more specialized CPA in the Denver Metro area who deals with this often to advise her as she gathers information and help her to understand her options and ramifications before selling.

Any recommendations would be much appreciated.

Thank you!

-Eric

[Ben Rhodin]

Hey @Eric Wolf! I would suggest Linda Weygant at Clue Bussiness Services. She is the Real Estate CPA in the Denver Metro Area and deals with investors and people in the real estate world every day. I'd be happy to set up an introduction, as she tends to be pretty darn busy :)