My mom just sold her Subway franchise.?

Question

My mother just sold her Subway franchise. She did not set up to do a 1031 exchange prior to the sale. I am concerned she is going to lose the majority of her profit, which she needs to live on, to capital gains taxes, state taxes and owe deprecitiated interest from the last 16 years. Any suggestions would be greatly appreciated. Thanks!  

Answer 1

Call a lawyer ASAP.

Answer 2

Instead of a lawyer, has she consulted a tax accountant?

Answer 3

She needs to call a CPA right away. Why didnt she doe this BEFORE she sold her subway?

Answer 4

Or call a CPA with tax experience.  If the deal is done, you can only mitigate the tax damage.