Need help on finding CPA and tax questions
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?

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!

I am located in Frisco, TX. I have an MS in Accounting, a CPA license, and prepare tax returns for real estate investors. Also I'm friendly and easy to work with.
We specialize in multifamily real estate syndications, but help a broad range of clients from SFH rentals, commercial, business owners, and general high net worth individuals.
I agree with Chris above to run some projections to see if it makes sense to complete a 1031 exchange or not or if you are eligible.

- Qualified Intermediary for 1031 Exchanges
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@Olga Daisel, Whether or not you can do a 1031 exchange is largely dependant on your intent in purchasing the new property. It must have been your intent to hold that property for productive use. And while there is no statutory holding period. You do have to be able to demonstrate that it was your intent to hold and what the compelling reason for the change of intent was.

- Tax Accountant / Enrolled Agent
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Quote from @Dave Foster:Dave, in my lifelong experience, women always have a compelling reason (or several) for changing their minds ;)
@Olga Daisel, You do have to be able to demonstrate that it was your intent to hold and what the compelling reason for the change of intent was.
Olga - before talking about an exchange or anything else, someone has to figure out what is your "tax basis" and taxable gain on the potential sale. We cannot do it from the partial story you shared, it takes a more in-depth conversation about the deal.
As to finding accountants, BiggerPockets has a directory: https://www.biggerpockets.com/...

- Qualified Intermediary for 1031 Exchanges
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@Michael Plaks, Dave - slowly backs away to avoid the lightning!!!
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@Olga Daisel BTW, you’ve only owned it since October, 8 months or so, so your holding period is that….not when you put down a deposit.
@Wayne Brooks
Logically speaking any other asset that fixes funds for extended period of time is long term capital gain. Just trying to see if this applies too. I don't believe it does though.