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Old 12-15-2023, 04:45 AM
PersonOfInterest PersonOfInterest is offline
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I would 2nd the recommendation for an Enrolled Agent vs. a CPA or Attorney. The reason for this recommendation is that EAs (enrolled agents) are usually only involved in Tax matters and are required to attend education concerning Taxation. CPAs are more likely to be involved in small business and other business and personal financial matters and their education covers a broad spectrum of accounting. Attorneys are involved in all types of legal matters unless they are a Tax attorney. If they are a Tax attorney their interest would be in Tax Court cases and not personal taxation. It is possible that a CPA or Attorney would deal only with Tax matters, but its not likely.

From what was described you will have Depreciation recapture and you will have Federal capital gains. You cannot escape the depreciation recapture, but if you live in the house for 2 years or more as your personal residence you may escape the federal Capital gains. You would be well advised to check with an EA or other tax professional.