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Updated almost 6 years ago on . Most recent reply

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Darren Chang
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CPA familiar with 1031?

Darren Chang
Posted

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 Strategist| National Tax Educator| Accepting New Clients
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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
ModeratorReplied

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

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