Hugh Pollard, Esq. CES®
National Reverse and Improvement Exchange Division
Hugh Pollard, Esq., CES®
SVP / Exchange Counsel/ Manager Reverse Exchange Division
IPX1031® Reverse Exchange Division
10 S. LaSalle Street, 31st Floor
Chicago, IL 60603
Direct: (312) 223-2144
IPX1031 Reverse Structuring Office
10851 N. Black Canyon Freeway, Suite 125
Phoenix, AZ 85029
Phone: (602) 850-8627
Toll-Free: (888) 475-2493
Fax: (602) 224-8816
Hugh Pollard has acted as a Qualified Intermediary since 1994, helping clients increase their wealth by deferring taxes through a Section 1031 “Starker” exchange. Based in the Chicago office of Investment Property Exchange Services (IPX1031), Hugh is the Manager for the Reverse and Improvement Exchange Division. He is a frequent lecturer and author on 1031 Exchanges and is an expert on 1031 Exchange rules and regulations.
Hugh served two terms as President of the Federation of Exchange Accommodators (FEA), the industry trade association, and currently serves on its Governmental Affairs Committee. He holds the designation of Certified Exchange Specialist®, which is conferred by the FEA. In 2009 he received the “Margo McDonnell Certified Exchange Specialist® Perpetual Award” in recognition of his service to the 1031 Exchange industry.
Prior to joining IPX1031, Hugh was the Midwest Regional Manager for another national Intermediary company. His experience includes work as a Trust Officer in Chicago, where he handled 1031 exchanges and land trusts. His experience in a Chicago based title insurance company includes as an underwriting attorney and as the manager of the Escrow/1031 Exchange Department. Hugh also has nine years’ experience in private practice, concentrating on real estate and corporate transactions, and is a member of the Illinois Real Estate Lawyers Association. He has his J.D. (with honors) from IIT/Chicago-Kent College of Law, his M.B.A. from DePaul University, Chicago, and his B.A. from Loyola University of Chicago.
IPX1031 Frequently Asked Questions
Exchange pitfalls. What should I be aware of?
What are 1031 Exchange Time Constraints?
Is a Qualified Intermediary (AKA accommodator or QI) needed?
Yes. To avoid a taxable sale of the Relinquished Property, the use of an intermediary in virtually every 1031 transaction should be utilized. In addition, the Exchanger must enter into written agreements with the QI before the Relinquished Property is sold.
What is Like Kind Property? Can I sell my rental house and buy a 4plex? Can I sell my vacant lot and buy an office building?
Yes, you can buy ANY kind of business or investment real estate, anywhere in the US. The “like-kind” requirement does not mean selling and buying the same exact type of property. In an IRC §1031 transaction, you can exchange real property for virtually any other real property in the United States, as long as the property is held for productive use in a trade or business or for investment purposes. You can sell a rental house and buy apartments, commercial, industrial, mini storage, vacant land, agricultural, etc.
Can I get an extension on the 45-day identification period for my 1031 Exchange?
No, unless you are eligible for an extension due to a federally declared disaster, the IRS doesn’t have any provisions for extensions or exceptions – not even to the next business day if the deadline falls on a weekend or holiday. The best way to get more time is to start looking for your Replacement Property well before the closing of your sale property or to extend the closing date on your sale property.
Do I have to buy from the properties I’ve identified in my 1031 Exchange?
Yes. During the 45 days you can change what you’ve identified, but once your identification period has expired, you must buy from only that list. No substitutions or changes after day 45. The rules under section 1031 are very strict.
Can I use money from my 1031 Exchange to improve the new Replacement Property after I buy it?
The day you take title to the property is the end of the exchange for that property. If you have cash left over, that is taxable boot. There is something called a Build-to-Suit or Improvement Exchange, where we, as the intermediary, take title to the property to make the improvements before you take ownership. This is also a more expensive and complicated transaction.
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