1031 Exchange Agreement With Qualified Intermediary In Riverside
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In a three or four party exchange, including the Taxpayer, Buyer of the old property and Seller of the replacement property, then yes, a Qualified Intermediary is required.
Get Referrals from Trusted Sources Your attorney, tax advisor, and realtor should be in a good position to make a recommendation as well because they will be familiar with the specifics of your property transaction, and can ideally recommend a QI who has worked on a similar type of exchange in the past.
Here are examples of properties ineligible for a 1031 exchange: Primary residences: A 1031 exchange is specifically intended for investment or business properties. Personal properties are not eligible. Vacation homes: Vacation homes generally do not qualify if used for personal reasons.
As the nation's largest Qualified Intermediary, IPX1031 provides industry leading exchange services including guidance, expertise and security for 1031 Tax Deferred Exchanges.
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.
To do a 1031 exchange into a property you already own, you need to satisfy the Napkin Test and get further assistance from qualified tax or legal counsel.
