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Updated almost 6 years ago on .
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Virginia 1031 Exchange CPA needed
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
I have reached out to Dave and I am now in contact with him. Thank you!!