Contract on Replacement B4 Sale of Relinquished? - Posted by Dazed and Confused

Posted by TomB on February 22, 2005 at 19:22:37:

Call an accountant who can back up what they tell you. This is called a Starker Exchange, and has specific guidelines you need to follow. You will need to identify this replacement property on you sales contract, and notify Title Company of same as soon as possible. One of your local Title Companies shoud have a qualified intermediary identified in their office, who even if not an attorney will probably give you some guidence in this area. If nothing else, ask who they would recommend for a knowlegable accountant, who is experienced in exchanges. I do several exchanges each year, but the rules change annually (at least), and I have chosen to pay for the services of an expert (accountant) rather than try to become an expert myself.

Good Luck in keeping your money in your pocket, and out of uncle Sams.
TomB in SD

Contract on Replacement B4 Sale of Relinquished? - Posted by Dazed and Confused

Posted by Dazed and Confused on February 17, 2005 at 19:22:10:

Any problems with a 1031 exchange if you get a contract on a replacement property before closing on the relinquished property?

Re: Contract on Replacement - Posted by TomB

Posted by TomB on February 22, 2005 at 19:23:47:

Call an accountant who can back up what they tell you. This is called a Starker Exchange, and has specific guidelines you need to follow. You will need to identify this replacement property on you sales contract, and notify Title Company of same as soon as possible. One of your local Title Companies shoud have a qualified intermediary identified in their office, who even if not an attorney will probably give you some guidence in this area. If nothing else, ask who they would recommend for a knowlegable accountant, who is experienced in exchanges. I do several exchanges each year, but the rules change annually (at least), and I have chosen to pay for the services of an expert (accountant) rather than try to become an expert myself.

Good Luck in keeping your money in your pocket, and out of uncle Sams.
TomB in SD