When completing a 1031 Exchange taxpayers need to be mindful of the rules and procedures set forth in the tax code. These are five of the common mistakes that occur:
1) Not looking for Replacement Property soon enough.
2) Not starting a 1031 Exchange in time.
3) Acquiring property from a related party.
4) Overfunding the loan on Replacement Property.
5) Using a disqualified party as a Qualified Intermediary or closing agent.
1) Not looking for
Replacement Property soon enough.
2) Deciding to open a 1031
Exchange after the transaction has closed.
3) Acquiring property from a
4) Overfunding the loan on
5) Using a disqualified party
as a Qualified Intermediary or closing
Investment Property Exchange Services, Inc. (IPX1031®) is a Qualified Intermediary providing a full range of tax deferred exchange services across the country including forward, reverse and build-to-suit transactions. 1031 Exchanges are all we do here at IPX1031®, so we know the ins and outs of the safe harbor regulations. We pride ourselves on not only being the industry leader in service and security, but also strive to be an information resource. As the nation’s largest 1031 Intermediary, IPX1031® has offices throughout the country and a highly skilled team of exchange attorneys, CPAs, coordinators and sales executives to provide quick answers and guidance. We look forward to helping you and/or your clients maximize qualifying investments through a 1031 Exchange strategy.
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