1031 Exchange Agreement Form For Deed In Suffolk
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Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return. If you completed more than one exchange, a different form must be completed for each exchange. For line-by-line instructions on how to complete form, download the instructions here.
How do I obtain a copy of my property deed? Property deeds are recorded in the Suffolk County Clerk's Office in Riverhead, NY. The direct phone number is (631) 852-2000.
Key Steps in the 1031 Exchange Process Determine if a 1031 Exchange is Right for You. Develop a Tax-Deferred Transition Strategy. Inform Your Advisors & Attorney About your 1031 Exchange. Enter into a Contract to Sell Your Existing Investment Property. Select a Qualified Intermediary and Open an Exchange.
A Qualified Intermediary, or QI, is an independent third party to the transaction whose function is to prepare the documents necessary to create the exchange, as well as to act as the independent escrow agent for the exchange funds.
While it may be tempting to ask your CPA to act as your Qualified Intermediary, a CPA cannot facilitate a 1031 exchange between investors. Under IRC Section 1031 guidelines, CPAs, attorneys, investment bankers, and real estate agents/brokers fall under the 'agent' category.
How to Do a 1031 Exchange Choose a qualified intermediary to coordinate the exchange. Sell your current real estate property. You have 45 days to identify potential replacement properties. You have 180 days to close on a replacement property. File IRS Form 8824.
What Is a Qualified Intermediary? Qualified Intermediary (QI) is someone a property seller selects to oversee the 1031 exchange process and its funds. They hold the funds from the previous property and use them to acquire the new replacement property to ensure compliance with IRS regulations.
A 1031 exchange does not obviate the need for a realtor. Quite to the contrary, in most cases an Exchanger has an even greater need for a realtor due to the time constraints placed on Exchangers.
Every deed must have a completed Suffolk County Recording and Endorsement Page, printed on legal size (8 1/2 x 14) paper, as the first page of the document. Every deed must contain the names and addresses of the purchaser and the seller. A post office box address is not acceptable.
How do I obtain a copy of my property deed? Property deeds are recorded in the Suffolk County Clerk's Office in Riverhead, NY. The direct phone number is (631) 852-2000.
