Home Selling in 95842>Question Details

Mimi, Home Buyer in Sacramento, CA

Real Estate / 1031 Exchange accountant / consultant needed

Asked by Mimi, Sacramento, CA Tue May 27, 2008

My partner and I are getting ready to put our first investment property on the market. We'd like to do a 1031 Exchange and get right into the next one. Since we haven't done this before, I'm looking for referrals to tax professionals who are familiar with this sort of transaction. I realize we need to hire an Exchange company to handle that part of the process, but we'd like to hook up with an accountant who will advise us now and will do our 2008 taxes when that time rolls around.

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11
I recommend Erika Bearry, CPA with Pomares Gardner - 916-491-0400. Good luck with the sale of your investment property!
Web Reference: http://www.erinattardi.com
2 votes Thank Flag Link Tue May 27, 2008
Erin Stumpf, Real Estate Pro in Sacramento, CA
MVP'08
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Thanks for all the advice, people!

Jeff & Jim - You make an interesting point. This is why I would really love to hook up with a knowledgeable tax consultant.

Perhaps I should get off my bum and give Ed Cook a call. :-)
1 vote Thank Flag Link Fri May 30, 2008
Sue - On your recommendation I gave Ed Cooks number to some clients. They interviewed him and were impressed with his knowledge. Thank you.

Jeff ; good point. An investor client of mine paid his cap gains in 2006 on a sale, even though he is expecting to reinvest in Real Estate in 2008.

because he sold near the top of the market and will be re buying near the bottom he is much better off having paid his capital gains, than he would have been from immediately reinvesting.
1 vote Thank Flag Link Fri May 30, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Mimi -how much of a gain are you expecting to incur from this sale? Also, are you factoring in the costs that will offset your gain (realtor's fees most likely being the largest fees).

Keep in mind that currently long term capital gains are running at 15% for the Federal portion, slightly over 9% will go to the state. These are very, very low rates, and most likely they'll go up should there be a change in political administrations with our upcoming elections. And depending on your specific tax bracket, it's possible your actual taxes could be lower than this. Quite often it makes more sense to pay a smaller tax now than a larger one later.

As to your request for a tax professional, I recommend John Massey - 916-608-8166. Let him know Jeff Marr sent you!

thanks, Jeff
1 vote Thank Flag Link Thu May 29, 2008
I recommend Ed Cook CPA 705-4958. He knows more than anyone I know, and VERY reasonable on fees.
Web Reference: http://www.suearcher.com
1 vote Thank Flag Link Wed May 28, 2008
The biggest exchange intermediary around is Asset Preservation, Inc. in Granite Bay. 916-791-5991
1 vote Thank Flag Link Tue May 27, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Again, thanks to all. For the moment, the 1031 idea is on the back burner. We're entertaining a proposal for a lease-option right now. If that doesn't pan out, we'll revisit this avenue.
0 votes Thank Flag Link Thu Jun 5, 2008
Okay, I finally got care to trade to work, lots of Florida stuff in it. one in Lake Tahoe, no results tor Sacramento.
0 votes Thank Flag Link Thu Jun 5, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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hey Mimi - though I could be wrong, you can probably make that call while still sitting on your bum, one of the many perks of cordless phones :)

And if you decide to call my referral, John, please let me know how that goes also.

thanks, Jeff
0 votes Thank Flag Link Wed Jun 4, 2008
I checked out care to trade> It did not work. It returned 0 for all searches in all categories.
0 votes Thank Flag Link Wed Jun 4, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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You should check out one of the free home trading sites that actually work like Craigslist or http://www.CareToTrade.com or possibly even ebay
0 votes Thank Flag Link Wed Jun 4, 2008
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