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1031 Exchanges and Your Tax Advisor

By Steve Chacon

Services for Real Estate Pros with Malbur Exchange Group & Assoc.

May 15, 2007 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.

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Jason Vombaur

Keller Williams - Vancouver, WA

I am dealing with a 1031 exchange now. You have to make sure they talk to a CPA and 1031 exchange company. That is their speciality not my. I am here to sell the house.

May 15, 2007 05:28 AM

Steve Chacon

Malbur Exchange Group & Assoc. - Denver, CO

That's absolutely correct Jason, always strongly recommend that the client talk to both the Intermediary (QI) and a trusted tax advisor. Even with my background in taxation, I will not get involved in their overall tax picture. In fact, I am forbidden from doing so. The Realtor, the Intermediary and the Tax Advisor are all very important and have distinct responsibilities in a successful 1031 transaction. If we blurr the lines between those responsibilities we can expose ourselves legally.

Thanks for the comment!

May 15, 2007 05:45 AM

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

We invite you back to ActiveRain in 2017.

We would welcome your return!

Sep 15, 2017 06:23 PM