Collaboration is an essential element in any successful 1031 exchange. There are numerous parties that need to work in tandem in order for your 1031 exchange to complete on time and without issue. In this article, we are going to discuss the importance of collaboration in a 1031 exchange and how to effectively collaborate with all involved parties.
Work with Your Qualified Intermediary
Your qualified intermediary is your go-to professional for all things related to your 1031 exchange. They will guide you through the process, making sure all of your documentation is accurate and accounted for and that all of your questions are answered.
Work with Your Accountant and/or CPA
It’s important to collaborate with your accountant and/or CPA during the 1031 exchange process as well. You’ll need to report your exchange to the IRS after it occurs, so bringing in your tax advisors can be a great help.
Work with Your Attorney
Finally, it’s a good idea to communicate with your real estate attorney before starting a 1031 exchange. The main benefit of this is to ensure your exchange doesn’t cause any other unforeseen issues.
1031 Exchange Services
At CPEC1031, LLC we have over two decades of experience working with clients on their 1031 exchanges of investment real estate. Our qualified intermediaries can walk you through the details of your like-kind exchange from beginning to end and make sure you have all your bases covered. Contact us today to learn more about our 1031 exchange services and see how we can help you defer your capital gains taxes on the sale of qualifying real property. You can find us at our primary offices located in downtown Minneapolis.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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