Need help on finding CPA and tax questions

[Olga Daisel]

Folks,

I need help with the following. I made a move and gave 50k deposit on a new construction condo in 2019. It was built last year and I became owner in October. Technically speaking I invested only 50k there,and it was invested for 3 years. If I sell it now, would it be short term capital gain?

Now, can I do 1031 exchange? I literally can't find any tenant there and I don't want to be hammered with tax.

Yet another question, how do you find a good CPA? Should it be a tax attorney?

[Chris Picciurro]

Great questions and I have owned a CPA practice for over 20 years. Here is my advice: work with a CPA that specializes in real estate. Make sure the firm can look at your current tax situation and run a tax projection based on your potential sale. Then have them discuss tax planning options and determine the related tax savings. If you have any other questions feel free to DM me. Good luck!