V479 And is a 14.26 hour, close binary system, comprised of a G8-K0 star departing from the main sequence and a compact primary star accreting matter from the donor. The object is an X-ray source, modulated with the orbital period. This, and the presence of an intense He II line, leads us to speculate that the compact object is a magnetic white dwarf. However, we do not find strong constraints on the upper mass limit of the compact object, and we may have a neutron star in a low mass X-ray binary instead of a cataclysmic variable. The orbital period is certainly too short for the donor star to be an evolved giant star, so classifying this object as a symbiotic binary may be a big stretch; however there is an evidence that the mass transfer occurs via stellar winds, rather than through the L1 point of Roche filling secondary, a phenomenon more common for symbiotic stars.