All Forum Posts by: Sharon Carson

HARPTA knowledgeable!

I need help to "crunch the numbers" HOW to sell my rental property!

Mahalo in advance!

@Dave Foster Thanks for your reply!

"Your adjusted cost basis is the purchase price of the land plus the cost (not value) of the improvements"  

= this is just it!  My current "cost basis" reflects only the land and infrastructure.  It does NOT include the home, or detached garage as IMPROVEMENTS!

I have considered a 1031 in the past, and I will certainly keep your contact info!

Thank you, Joshua!

Hello!

I bought raw land. I have built a house and a detached garage.

My County Property Tax Assessment shows the correct valuation.

However, the "cost basis" that my HRBlock person tells me is approximately $400,000. LESS than what it should be!

This means that when I go to sell it, I will be paying a ridiculous amount of capital gains!  Unless I can remedy this mistake!

Thanks so much for asking!

While CPA's can cover ALL 50 States, I am looking specifically for one in the State of Hawaii.  There are State-specific rules.

I own a rental property in LAVA ZONE 2.   

It is currently a rental and has been for about 10 years.  (I reside in CA.)  (I am an "accidental" investor!)

I wish to sell this property.

I need advice regarding the tax implications BEFORE I consider selling it.  

1031?   Seller-back finance to my current tenant?   I wish to "crunch these numbers to find my best option!

It is problematic due to it's location, and the fact that my Cost Basis is WAY OFF.  I don't know HOW to fix that!

I need help from a CPA who understands the implications of Lava zone 2!

Mahalo in advance!

 Yes, they will use Vikane.  Mahalo for your feedback!

 Thank you!

I have a rental property on the Big Island of Hawaii.  I manage it myself.

I am in need of tenting the property for termites.  

My tenant is very good, and compliant.  He will need to take care of all his personal items in preparation for tenting.

However, am I obligated to pay for a Post-Fumigation cleanup?????   Or must the tenant just suck it up and deal?

Thanks in advance!!

Thanks! 

This WAS a personal residence.  I became an "accidental Landlord."

I'm trying to "crunch the numbers" in regards to the tax repercussions of selling my rental, and doing a 1031.

OR, moving back into it for 2 years and realizing the 250k tax break.

Trouble is, I bought this as raw land 30 years ago, took 20 years to owner build it. I have NO idea what my "Cost basis" is!!

It's been a rental for 10 years now.

Any thoughts? (Property is in HI, I reside in CA)