1031 Exchange

http://cdn.brownstoner.com/4deff60108dae-

Anyone have any pointers or tips for things I should consider in facilitating a 1031 exchange in NYC?

Real-Estate

in Real Estate - General 13 years and 11 months ago

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needmtg | 13 years and 11 months ago

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Best talk to an accountant, there’s stringent but fairly obvious rules about declaring the new property and time limits. And let’s hope you don’t get a r.e. attorney like mine, whose initial reaction was “I don’t know if the seller will go for that (ie the minimal paperwork involved.) Turns out, ironically, the seller was doing the same thing. Other issues: I used a CA company (1/3 the price, no notaries needed, all communication by fax/phone, simple) and would recommend the same rather than NY gougers. The intermediary has to “have control” of the money at all times (IRS rules) and seller here refused to let a bank transfer for the final amount (normal on the West coast); so I had them fedex me a check on the closing day (my attorney nearly had a stroke about that.) Technically even that may be a violation.