1031 Like Kind Exchange: The Special QI
Shedding light on the 1031 Like Kind Exchange is of interest to a number of our clients and investors in properties in the Asheville area. Many are attracted to the 1031 option as part of their creative retirement –( Post50 “boomers”) – plan. We are happy to refer our clients to Qualified Intermediaries ( QI ) –with this caveat: First interview and then select a Qualified Intermediary to assist transactions. More information?
A good place to start is with the Federation of Exchange Accommodators . The Federation of Exchange Accommodators (FEA) is the only national trade organization formed to represent qualified intermediaries (QI's), their primary legal/tax advisers and affiliates who are directly involved in Section 1031 Exchanges. A search for their site will also provide you with a locator link.
Formed in 1989, the FEA was organized to promote the discussion of ideas and innovations in the industry, to establish and promote ethical standards of conduct for QI's, to offer education to both the exchange industry and the general public, and to work toward the development of uniformity of practice and terminology within the exchange profession. The FEA also provides timely input and updates on pending State and Federal legislation, Internal Revenue Service and Treasury Rulings, and Court Decisions.
Obviously, ethical standards are essential in the matter of real estate transactions.
Members of the FEA represent the companies whose primary business is acting as QIs for Section 1031 Exchanges. The FEA takes an active role in responding to legislative and regulatory actions at both the state and national level.
The association has repeatedly presented commentary to the IRS, House Ways and Means Committee and Senate Finance Committee in connection with legislative proposals under review and consideration by Congress to amend IRC Section 1031 and related tax provisions. The FEA has provided commentary and testimony to many state legislatures and regulatory agencies regarding the licensing and regulation of exchange professionals. The FEA remains committed to actively monitoring the issues affecting the exchange industry.
Let us know if you would like further information.
Contact : janeAnne@janeAnne.com
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