1031 Exchange Do’s and Don’ts

Published: September 27, 2007, 10:01 am

Tags: nlc loan originating, nlc real estate buying, nlc real estate selling, nlc commercial loans, real estate investing, business marketing, lawyers attorneys, 1031 exchange

1031 Exchange Do’s and Don’ts DO NOT miss your 45-day identification and 180-day exchange deadlines, as this will disqualify the entire exchange. Reputable Qualified Intermediaries will not act on back-dated or late identifications. DO advanced planning for the exchange. Talk to your accountant, attorney, broker, financial planner, lender and Qualified Intermediary. Read the IRS form 8824 before you exchange. Reading it clarifies what you have learned. DO NOT try doing a 1031 Exchange yourself using your CPA or attorney to hold title or funds. IRS regulation requires a Qualified Intermediary to properly complete an exchange. Regulations under IRC Section 1031 disqualify any attorney, broker, accountant or real estate agent who provides routine service to the taxpayer from holding exchange funds. Call us to get a name of a Qualified Intermediary that operates in your area. DO attempt to sell before you purchase. Occasionally exchangers find the ideal replacement property

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