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1031 Exchanges
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Updated almost 6 years ago on . Most recent reply
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CPA familiar with 1031?
Hi, I'm planning on doing a 1031 exchange. A good friend who is also a broker recommended finding a CPA to work out the number (unfortunately she doesn't know one herself). Does anybody have a recommendation?
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Natalie Kolodij
Tax & Financial Services
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Doing a double close won't qualify you for 1031 treatment.
Your wholesaling income will be taxed at ordinary income tax rates, subject to self employment taxes.
If you're not already working with a RE focused tax pro I would reach out to one to help generate a tax strategy that works.
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Kolodij Tax & Consulting