We recently purchased a new home and our real estate agent was a key part of the process. Whenever buying or selling a property, advisors such as your real estate agent and accountant are crucial. This Thankful Thursday, we discuss the role of your professional advisors and why they are an important part of your 1031 tax-deferred exchange.
Read MoreTopics: 1031 Exchange, tax consequences of a 1031 exchange, 1031 exchange process, Qualified Intermediary (QI)
Whether you are playing a game, handling a transaction or running day to day operations in your office, it is always important to surround yourself with dedicated professionals working toward a common goal. The same is true in a 1031 exchange. Today’s Tuesday Tip will address the role of the Qualified Intermediary (QI) and why it is important to do your research when choosing a QI.
Read MoreTopics: regulation of QIs, Qualified Intermediary (QI), 1031 exchange; Role of Qualified Intermediary, 1031 CORP., Role of Qualified Intermediary, section 1031, Qualified Intermediary
This Tuesday’s Tip will explain the vital role of the Qualified Intermediary (QI) in a 1031 tax-deferred exchange. A QI is essential to successfully completing the transaction and an experienced QI will help keep the process simple for all parties. The use of a QI is provided by the safe harbor regulations of Section 1031 and their role is to act as a middleman in both the sale and purchase transactions.
Topics: Role of Qualified Intermediary, Qualified Intermediary (QI)
Everyone knows you need a Qualified Intermediary (QI) to facilitate your 1031 tax-deferred exchange. Sure, the QI prepares your 1031 exchange agreement, coordinates with the closing agents and holds your exchange proceeds but a good QI does a lot more than that. Regardless of your role in the transaction, a good QI should be your partner throughout the exchange process and that includes the planning stage thru the tax reporting stage.
Topics: Role of Qualified Intermediary, Qualified Intermediary (QI), 1031 transaction, 1031 resource, 1031 Exchange