Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply presented by

User Stats

14
Posts
2
Votes
Liam M.
2
Votes |
14
Posts

Virginia 1031 Exchange CPA needed

Liam M.
Posted

Good evening,

Looking for help here. I accepted an offer on my house a week ago and was told that the closing would happen on or about June 28th. I inherited this house and lived in it from 2014-2015. I messaged my listing agent telling him I had an interest in doing a 1031 exchange and he told me that I have 90 days to find a target property and need to talk with a lawyer here in Virginia (the house is in Florida). 

My understanding is that my SFH in Florida can be 1031'd to a multi-unit property.

1) Any leads on good and trusted qualified intermediaries or CPAs in Virginia?

2) I accepted an offer at 194k, after paying off a 35k HELOC, a 5% commission to my agent, and closing costs, I should profit 135k. A like kind property purchase price should be 135k or more, right?

3) Do I have 90 days starting from the closing date to close on an additional property?

4) Does living in the house from 2014-2015 afford me any tax shield from capital gains if I decided to just straight up sell the property without a 1031?

Most Popular Reply

User Stats

14
Posts
2
Votes
Liam M.
2
Votes |
14
Posts
Liam M.
Replied

@Michael Plaks 

I have reached out to Dave and I am now in contact with him. Thank you!!

Loading replies...