1031 Like Kind Exchange, An Asheville Downtown Condo and be a True Investment Find if and when you know a) what to look for and b) how to make it happen. That can take a special kind of “I.Q.” Here’s the scoop:
The real estate market in Asheville, N.C. is heating up- FAST! Investors in properties in the Asheville area, like the condo our clients are excited about in downtown Asheville is a prime example of this. (Watercolor is from a local artist.)
Life is good in downtown Asheville where that "European: feeling is at your doorstep.
Many people like the 1031 Like-Kind Exchange option. It can work well for investors interested in creative retirement –( Post50 “boomers”) – if they utilize the professional services of a Qualified Intermediary ( QI ). Here’s a quick look at the process:
First interview and then select a Qualified Intermediary to assist transactions.
A good place to start the interview and selection process is by accessing information from the Federation of Exchange Accommodators . 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. NOTE: The Federation of Exchange Accommodators (FEA) is the only national trade organization formed to represent qualified intermediaries (QI's). Their primary legal and tax advisors are directly involved in Section 1031 Exchanges. A search for their site will also provide you with a locator link.
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 for this is janeAnne365@gmail.com
"AGING SMART"
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