Denver Home Living Huettner Capital Fall 2018 | Page 3

D
QUICK TIPS
AND ADVICE
FROM DHL
EXPERTS
DHL'S
FAVORITE
SMALL
BUSINESSES
W
enver Home Living Favorites highlights small businesses
in and around Denver who are truly great at what they do.
We hope they are places you might enjoy visiting, and that
they may even become some of your favorite places as well.
e strive to bring our readers informative content
including advice from local experts. These quick tips
are designed to help you avoid common problems
and mistakes and point you in the right direction
where you may not even know you need it. Feel free to follow up
with any of our experts if you have additional questions.
LA CHIVA OFFERS DINERS A TASTE OF COLOMBIA
After 25 years in the IT field, Jorge Aguirre was ready to pursue his lifelong
dream. After accepting an early retirement package from his company,
he moved to Colorado where his daughter was attending college and
enrolled in culinary school. He and his wife, Carmen, who shared his
dream, soon found themselves the proud owners of the La Chiva food
truck, offering their native Colombian fare to appreciative locals.
“We chose a food truck rather than a restaurant so we could go slowly and
minimize our risk,” says Aguirre. “We wanted to see if our food would
appeal to the market here before investing in a full-scale restaurant.”
In turns out that the Aguirres had no need to worry. Once customers
had a taste of the couple’s freshly made empañadas, they were hooked.
Theresa Sutton, CPA
Padgett Business Services
Padgett303.com
[phone]
2018 TAX LAW CHANGES:
HOW THEY IMPACT REAL ESTATE
Sweeping new tax laws have broad implications for anyone who owns
or plans to buy real estate. While there’s no doubt that you can enjoy
other new opportunities for tax planning and savings during 2018,
anyone who owns real estate should be aware of the following:
La Chiva – 720-389-9847
lachivacolombian.com
1417 S Broadway,
Denver, CO
80210
• If you are considering purchasing a larger home or deducting
interest for a first and second property, mortgage interest can
only be deducted on a total acquisition debt of $750,000.
In addition, deductions for real and personal property tax
plus state and local income tax are limited to $10,000.
• Home equity interest is no longer deductible after 2017 unless
the home equity was used to buy, build, or improve a home
(known as acquisition debt) and is within the $750,000 limit.
• Existing acquisition debt can still be refinanced up to $1 million.
• Tracing home equity debt proceeds back to a s ole
proprietorship (Schedule C), rental property (Schedule
E), or farm property (Schedule F) is still allowed.
• If you are facing a large capital gain from the sale of investment
real estate and would like to defer the gain to a future transaction,
you can consider a Section 1031 like-kind exchange.
Customers visited their truck often and asked for new tastes
of Colombia, which the couple gladly provided.
In 2017, the couple expanded by opening La Chiva restaurant on 1417
South Broadway, adorning the interior with a large, brightly-colored mural
depicting a joyous scene from their Colombian homeland. Here, diners can
enjoy the award-winning Chiva Picada sampler plate—loaded with chorizo,
fried yucca, sweet plantains, and pork ribs—along with an assortment of
other tasty selections. The Lomito sandwich—stuffed with slow-cooked
pork, gouda, smoked ham, cabbage, and a bevy of condiments—is a popular
menu choice as is the Bandeja Montañera, a traditional Colombian dish
of beans, rice, chorizo, plantains, and meats, topped with a fried egg.
True to authentic Colombian cooking tradition, spices are served
on the side so customers can choose just the amount of “kick”
they are looking for. “Colombian food is very different from
Mexican,” says Aguirre. “We encourage customers to experiment
by either merging various flavors or enjoying each separately.”
Diners visit La Chiva from all over the area—most looking for a
new eating adventure, while others are simply searching for a taste of
delicious food from their home country. “Our customers have been very
supportive and happy to have something different in town,” he says.
“They are helping me realize this dream I had for a very long time.”
It is always a good idea to discuss real estate opportunities with
your mortgage and tax professionals before you enter into these
transactions. The last thing you want is to regret an uninformed
decision when it comes time to pay Uncle Sam!
3