1031 Fun Facts with Tina Colson-Jones
Gotta Minute – Learn A Lot!
In this video our very own Tina Colson-Jones will bring you her second week of 1031 Fun Facts! Tina will cover just what an accommodator does and why they are so important for a successful 1031 exchange.
Read the Full Transcript
Tina Colson-Jones: Welcome to today’s 1031 Fun Fact. Our topic is the role of a qualified intermediary or a QI, such as Equity Advantage. A QI’s role is to properly structure the exchange transaction, prepare the legal exchange documents, and hold the proceeds from the sale during the exchange period. If a seller closes on a transaction and receives constructive receipt of funds from the sale, they have lost the opportunity for tax deferral through the 1031 exchange.
The same holds true if an investor purchases a property in hopes to do a reverse exchange but did not have the exchange in place prior to the replacement property closing. Have a question you would like me to address? Please place it in the comments. Thanks for watching and enjoy your day
The Guys With All The Answers…
David and Thomas Moore, the co-founders of Equity Advantage & IRA Advantage
Whether working through a 1031 Exchange with Equity Advantage, acquiring real estate with an IRA through IRA Advantage or listing investment property through our Post 1031 property listing site, we are here to help Investors get where they want to be. Call them today! 503-635-1031.
"WASHINGTON STATE LAW, RCW 19.310.040, REQUIRES AN EXCHANGE FACILITATOR TO EITHER MAINTAIN A FIDELITY BOND IN AN AMOUNT OF NOT LESS THAN ONE MILLION DOLLARS THAT PROTECTS CLIENTS AGAINST LOSSES CAUSED BY CRIMINAL ACTS OF THE EXCHANGE FACILITATOR, OR HOLD ALL CLIENT FUNDS IN A QUALIFIED ESCROW ACCOUNT OR QUALIFIED TRUST." RCW 19.310.040(1)(b) (as amended)
David and Thomas Moore, the co-founders of Equity Advantage & IRA Advantage
