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1031 Exchange Agreement With Qualified Intermediary

The 45-day rule covers the period during which a subject must identify the replacement property from the date of the sale. According to the rules of thought: «The deadline for identification begins on the day the subject transfers the abandoned property and ends at midnight, the 45th day after that.» (i) identification must be included in a written document, (ii) be signed by the subject and (iii) be provided to the seller of alternative property or to any other person who is not a disqualified person involved in the exchange. A qualified intermediary (IQ) is an unrelated third party or is used to facilitate the 1031 trading. For more information on choosing an IQ, see our article How to Choose a Qualified Intermediary. Some persons are expressly prohibited from acting as qualified intermediaries. You are not allowed to be your own qualified agent. Your real estate agent, stockbroker, lawyer or accountant, anyone acting as an agent or any other person (related) disqualified pursuant to sections 267 (b) and 707 (b) of the Internal Income Code cannot be considered your qualified agent. In the event of a reverse exchange lasting more than 180 days, an exchange can still be a success and «long-term» parking opportunities will be used. For more information on unsecured port parking exchanges, see: At the beginning of the following fiscal year, the deposit bank, which held the foreign exchange funds in a fiduciary account, will send the taxpayer a 1099 at the amount of interest collected on the down payment. This should be declared as income, and the taxpayer should report the exchange transaction on Form IRS 8824, along with all other applicable forms.

Do you need a qualified intermediary? ExchangeRight has relationships with a number of senior IQs that meet the above criteria and whose prices are located at the lower ends of the specified areas. If you are considering a sale of investment or business real estate and would like to defer your capital gains taxes using a 1031 exchange, we can associate you with an IQ that meets the criteria set out in this article and gives you discounts if you are evicted by one of our representatives. Fill out the form at the top of this page, send an email or call today (855) 317-4448 to find out more. Once the interchange has opted for alternative property to be acquired or real estate to be acquired, a contract to purchase the real estate must be entered into. In practice, these contracts should also add the language of the trade cooperation clause.