Exchange Facilitator Part 1
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Named after the IRS tax code that permits such transactions, 1031 exchanges allow investors to defer paying taxes on property they buy and sell as long as the transactions occur within a 180-day time span and the funds are placed with an “exchange facilitator.”
Today’s guest, Brenden C. Faber, President of First American Exchange Company, will discuss what to look for in an appropriate Qualified Intermediary and the “critical” role played by the QI in accepting proceeds and holding them in escrow until the new acquisition closes. He will cover basic exchange issues, trading across or up in value and equity and identification and timing issues.
Plus, H. Blaine Walker, Chairman of the NAR TIC workgroup, and 2007 Chair of the NAR Realtors Commercial Alliance Legislative and Regulatory Sub Committee, will be back to update us on the new SEC exemption that will allow Commercial REALTORS to receive advisory fees on Securitized TIC Interest Sales.
To listen to this past show click on the Listen Live button above and then select the show from the list of archived shows in the Content Library on the left side.
Click the Show Notes button above for a brochure on the 1031 exchange process.(PDF format).
