GROCO CPAS and Advisors

Jan 29th, 2024

Jun 27th, 2023

Jun 3rd, 2023

GROCO cost us $70,000. Before purchasing a second home in 2011, we met with our GROCO CPA Scott Howard to discuss tax implications and strategy. We intended to rent out the home first, then move into it after we retired. Mr. Howard said as long as we lived in it for at least two years before selling, we could exclude all capital gains (up to the $500,000 limit). The problem is, the law had changed TWO YEARS EARLIER. Had GROCO given us up-to-date information, we could have avoided paying capital gains tax by simply moving into the new home and renting the other. We lived in the (second) home for five years before selling this year. That's when we learned we owed $70k in taxes that could have been avoided (or even deferred, but we weren't eligible for a 1031 exchange because the home was now a personal residence). When we reached out to GROCO they did not respond.
Mar 27th, 2022

GROCO cost us $70,000.Before purchasing a second home in 2011, we met with our GROCO CPA Scott Howard to discuss tax implications and strategy. We intended to rent out the home first, then move into it after we retired. Mr. Howard said as long as we lived in it for at least two years before selling, we could exclude all capital gains (up to the $500,000 limit). The problem is, the law had changed TWO YEARS EARLIER. Had GROCO given us up-to-date information, we could have avoided paying capital gains tax by simply moving into the new home and renting the other.We lived in the (second) home for five years before selling this year. That's when we learned we owed $70k in taxes that could have been avoided (or even deferred, but we weren't eligible for a 1031 exchange because the home was now a personal residence). When we reached out to GROCO they did not respond.
Dec 1st, 2021