Scott Nathanson, Esq.
Manager of Eastern Operations
Scott Nathanson, Esq.
EVP / Manager of Eastern Operations
Direct: (312) 223-2178
Email: scott.nathanson@ipx1031.com
IPX1031 Headquarters
10 South LaSalle Street, Suite 3100
Chicago IL 60603
Phone: (312) 223-2369
Toll-Free: (866) 490-1031
Fax: (312) 873-3893
Scott Nathanson, the Executive Vice President and Manager of Eastern Operations, is located at the Chicago headquarters’ office. Scott has been part of the real estate legal community for over 25 years. Prior to joining IPX1031, he was Senior Vice President and Regional Manager for a national 1031 Intermediary where he managed the company’s most successful operations. He previously served as President of Cole Taylor Bank’s 1031 Exchange subsidiary and Manager of the Cole Taylor Bank Trust Department. Under Scott’s management, Cole Taylor’s trust department grew to $4 billion and Cole Taylor Deferred Exchange Corp. became one of the top-producing Qualified Intermediaries in the Midwest.
After receiving a law degree from John Marshall Law School, Scott founded his own law firm and for 14 years concentrated on business transactions and facilitated over 600 residential and commercial real estate transactions each year. A frequent speaker and author on 1031 topics, Scott is also one of the founders of Chicago Title issuing agent, Mercury Title Insurance Company.
IPX1031 Exchange Seminars
IPX1031 provides seminars for continuing education credits as well as custom and personalized seminars on tax deferred exchange topics for attorneys, CPAs, advisors, brokers, REALTORs, agents, escrow, investors and taxpayers. To find out about a seminar nearest you, or to schedule a seminar for your office, please contact me.
1031 Resources & Information
Key 1031 Info
How does a 1031 Exchange work?
Exchange pitfalls. What should I be aware of?
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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