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Mellisa Lim
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Looking for a CPA in Maryland

Mellisa Lim
Posted Feb 1 2024, 11:03

I have reached out to a couple of CPAs I found on this forum but have not heard back, perhaps the postings were outdated.  I need to hire a CPA and also need some 1031 exchange advise.

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Jack Seiden
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Jack Seiden
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Replied Feb 1 2024, 15:02
Quote from @Mellisa Lim:

I have reached out to a couple of CPAs I found on this forum but have not heard back, perhaps the postings were outdated.  I need to hire a CPA and also need some 1031 exchange advise.

Reach out to David Maman
  • Real Estate Agent Virginia (#0225260957), District of Columbia (#Sp40001090), and Maryland (#667710)

  • Samson Properties
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Alex Olson
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Alex Olson
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Replied Feb 1 2024, 15:26

What kind of advice do you regarding 1031 exchange advice? 

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Sean O'Keefe
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Sean O'Keefe
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Replied Feb 1 2024, 16:17

@Mellisa Lim I don't think the location of the CPA matters provided that they have a solid background in Real Estate and software/tools to support you remotely.

There are 20+ real estate CPAs commenting in this forum. Pick one that is commenting on your specific situation and DM them.

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Mellisa Lim
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Mellisa Lim
Replied Feb 1 2024, 19:38

Thank you!  I sure will. 

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Mellisa Lim
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Mellisa Lim
Replied Feb 1 2024, 19:49
Quote from @Alex Olson:

What kind of advice do you regarding 1031 exchange advice? 

Can I use proceeds from the exchange towards remodeling?

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Mellisa Lim
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Mellisa Lim
Replied Feb 2 2024, 03:33
Quote from @Alex Olson:

What kind of advice do you regarding 1031 exchange advice? 

I thought I had responded last night but I think it didn't post.  I have 2 questions:
1.  Can the proceeds from the exchange be used towards remodeling?
2.  Can the property be converted to primary residence at a later point? If so, how long before that can be done and how does the deferred tax apply?

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Mellisa Lim
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Mellisa Lim
Replied Feb 2 2024, 03:36

THANK YOU!!!

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Zachary Jensen
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Zachary Jensen
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Replied Feb 2 2024, 06:49

Hey @Mellisa Lim

 To help you in your search: be sure to find an accountant that is willing to grow with you, and is not too high priced fee wise. Not to low either, you don't want to go with someone who is just focused on price as this is a quality of a not so great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

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Alex Olson
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Alex Olson
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Replied Feb 2 2024, 08:44

I will let @Dave Foster hop in here to help answer those questions as he is a QI. I am a real estate broker that can help find replacement property in the midwest. 

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Dave Foster
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Dave Foster
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Replied Feb 3 2024, 09:46

Thanks for that shout out @Alex Olson.  You always have awesome clients!  @Mellisa Lim here's a couple answers to your questions

 1. Can the proceeds from the exchange be used towards remodeling?  You can only use 1031 proceeds for the purchase of property.  You cannot exchange into improvements on property you own.  But if the improvements are complete before you take title then it can be done.  that means that either the seller has to make them.  Or you use a process called a reverse exchange in which we take title to the new property and hold it until the improvements are complete.  these are complex and several thousand dollars more than a regular exchange.  so the benefit has to outweigh the cost.

2. Can the property be converted to primary residence at a later point? If so, how long before that can be done and how does the deferred tax apply?  It absolutely can.  There's even a safe harbor from the IRS.  As long as you own the property the tax stays deferred.  If you live in the property long enough you can get a prorated amount of the gain tax free when you sell.  There is no statutory period to qualify.  But   think of it as a spectrum.  If you complete your exchange in the morning and the moving truck with your stuff is in the driveway in the afternoon that probably isn't long enough.  the safe harbor from the IRS is at two years.  The appropriate period for your particular situation is probably somewhere in the middle like Goldilock's "Just right".

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Mellisa Lim
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Mellisa Lim
Replied Feb 3 2024, 10:21

Thank you @Alex Olson for connecting me with Dave, his advice is very helpful.  I have connected with Dave and looking forward for his help.

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Basit Siddiqi
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Basit Siddiqi
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Replied Feb 5 2024, 19:42

Before doing a 1031 exchange, have a conversation if one is worth it.
If it is worth it, it is definitely worth it.

However, instances where a 1031 exchange does not make sense
1) If there is no gain on the sale of the property
2) If you have enough passive loss carryforwards to absorb the gain

best of luck.

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Joshua Davidson
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Joshua Davidson
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Replied Mar 4 2024, 08:17

Hi @Mellisa Lim,

I am a Certified Public Accountant and also a real estate investor/property manager. If you desire to walk into someone's office nearby, that's understandable, but most things related to accounting can be accomplished the same way remotely with video calls and email correspondence.

We use a secure portal for all of our business and sensitive documentation. Please let me know if I can be of assistance to you!

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Ahad Ali
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Ahad Ali
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Replied Mar 6 2024, 08:43
Quote from @Mellisa Lim:

I have reached out to a couple of CPAs I found on this forum but have not heard back, perhaps the postings were outdated.  I need to hire a CPA and also need some 1031 exchange advise.

Hi Mellisa, sorry to hear you haven't heard back from CPAs on this platform. Location doesn't necessarily matter when looking for a CPA. There are plenty of amazing remote CPAs who can do the same work as a local one. If you're open to working remotely with one, we're still currently taking new clients. We have clients in 38 out of 50 states. If you're still searching, we would love to connect.