Spec Home in Florida

[Jason Faucher]

Hello everyone my name is Jason and I live down in Spring Hill, FL. I have been a Realtor for about 3 years now and currently own 5 houses. Every house I have ever bought I have kept and used as a rental. I recently decided to build a speculative home and spent about 117k to do it. I have recently signed a contract to sell it and it only took 6 days after putting it on the market to sell it for 155k. I should be closing on it in the next week. I have never flipped a home or done this before so what are some ideas to minimize the capital gains on the 40k? Also, does anyone know of any good tax advisors down in the Tampa area? If I am going to continue to do this I need to get someone on my side to guide me. I am also a subsea engineer on an oil rig and make 150k plus so the last thing I need is paying more taxes. Thanks for the help in advance!!!

[Eric Griemsmann]

I believe you can do a 1031 exchange with the 40k to defer your tax on it.