like kind exchanges: 1031 Exchanges and Your Tax Advisor
- 05/15/07 04:51 AM
Another thought regarding the 1031 exchange process; make sure to involve your CPA or tax advisor from the beginning. Your current advisor will not only provide the information the qualified intermediary will need for a successful exchange, they will be able to tell if the intermediary is truly "qualified" to do the job right. … (3 comments)
like kind exchanges: Due Diligence and the 1031 Exchange
- 05/14/07 11:21 AM
A word to the wise; always do your due diligence before beginning your §1031 Exchange. There are a Federal Investigations underway on a number of very large qualified intermediaries (QI). The dollar amounts are staggering and in one case, nearly One Hundred Million Dollars. The problem is always the same, the mishandling of the client's funds. In order to protect yourself, be sure to ask the following questions: 1) Are segregated accounts setup for each individual 1031 Exchange? This is an absolute must to protect yourself if the QI gets in legal trouble. 2) Is the Qualified Intermediary carrying appropriate Bonding? Be sure … (0 comments)
Another thought regarding the 1031 exchange process; make sure to involve your CPA or tax advisor from the beginning. Your current advisor will not only provide the information the qualified intermediary will need for a successful exchange, they will be able to tell if the intermediary is truly "qualified" to do the job right. … (3 comments)
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