Cpa Or Tax Attorney?

Comments(3)

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  jlmnop1016th January, 2006

  I am a certified tax preparer and I work for a CPA that is about 30 miles from Beverly Hills in Valencia. It is where the 5 and 14 freeways meet, near Six Flags Magic Mountain. She has been a CPA here for a very long time and is well known and trusted within our community.
  
  Her name is Julie Sturgeon, 661-251-6013, or look her up at www.cpasturgeon.com
  
  If you give her a call let her know Jason Elleman referred you.
  
  Hope this helps.

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  NewKidInTown311th January, 2006

  As a general rule, you have to demonstrate the intent to hold your property for a "qualified" investment use before the property can participate in a 1031 exchange.
  
  If you are using a simultaneous closing to both purchase and sell the property, it will be terribly difficult for you to demonstrate that your intent was nothing more than speculation on rapid market appreciation -- flipping, in other words. Many exchange accommodators will not even open an exchange for property you are flipping.
  
  As an aside, are you sure the QI asked if you were a "certified invester". Could the question have really used the term "accredited investor"? If so, then I suspect that QI was trying to determine your eligibility to participate in a Tenant in Common exchange which may have minimum income and/or net worth threshholds for the investors.

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  Powerlifter11th January, 2006

  Thanks New Kid ,, my "intent" was to purchase of a pre construction property . ,, which I was planning on renting out. . Only the sale of 1/2 of my 1031 will be simultaneous ( the sale of the pre construction condo ,, the other half I am closing on another pre construction and plan to hold it out for rentals. Fact is ,, at the time I first entered into the sales agreement with the developer a buyer was not allowed to "flip" or assign these contracts , so Initlally I was planning on holding onto it for rent too,,,,,,,it wasnt until a year later that this option to resell appeared after the developer decided to allow such things. This should also have an impact on elidgibilty. and yes the term was "acredited" and I am an "acredited " investor. Thanks again for your input !
  This "intent" business is a bit much. I have never seen a subject in which every one has an "opinion" ,on a subject that I figured was suppsed to be pretty much cut and dried...and I am not speaking of "unqualified " opinions ,such as mine and yours ,,,,I am talking about the "professionals" I am speaking with , I mean they are ceritifed and licensed individuals ,, and yet no one can give me a straight answer ........Must I seek out an attorney with intensive 1031 experience ,like trying to find the best criminal defense lawyer ? Should I be calling on F. Lee Bailey to find out of I can do a 1031 exchange ?