1031 Exchange Agreement With Qualified Intermediary In Broward
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Navigating the 1031 Exchange Process in Florida Step 1: Plan and Consult. Before selling your property, assess your investment objectives. Step 2: Sale of Relinquished Property. Step 3: Identify Replacement Property. Step 4: Buy the Replacement Property. Step 5: Reporting and Compliance.
As the nation's largest Qualified Intermediary, IPX1031 provides industry leading exchange services including guidance, expertise and security for 1031 Tax Deferred Exchanges.
Qualified Intermediaries are responsible for a number of important elements in the administration of a successful 1031 Exchange transaction, including (1) preparing the 1031 Exchange agreements and related transactional documents to properly structure the 1031 Exchange transaction; and (2) receiving, holding and ...
Section 1031(f) provides that if a Taxpayer exchanges with a related party then the party who acquired the property in the exchange must hold it for 2 years or the exchange will be disallowed.
The QI must maintain the funds involved in the transaction separately from the taxpayer's accounts, and the qualified intermediary must be a neutral party. The intermediary can be a person, company, or other entity, but must not be related or married to the taxpayer.