We have written previously about the information you need to compile if you’re thinking about starting a 1031 exchange. But if you know you want to do a 1031 exchange, and you have your initial information ready, you can open an order and get the process going. In this article, we are going to discuss how to open an order for a 1031 exchange.
Information Needed to Open an Order
Here is the information your qualified intermediary will need to open an order and begin your 1031 exchange:
- Exchangor(s) name(s) and information (location, email, SSN, etc.)
- Relinquished property information (address, closing date, sale price, etc.)
- Relinquished property realtor information (name, address, phone, email)
- Title company information (name, address, phone email)
- Accountant or Attorney information (name, firm, address, phone, email)
- Replacement property information
- Replacement property realtor information
If you are interested in opening an order of your own, fill out our open an order form and one of our qualified intermediaries will get back to you about the initial steps for starting your 1031 exchange.
Contact a Qualified Intermediary
The most important first step in any 1031 exchange is contacting a qualified intermediary who can take a look at your situation and advise you on how to proceed. A skilled 1031 intermediary can answer all of your questions, prepare your 1031 documents, and make sure your exchange is successful. The qualified intermediaries at Commercial Partners Exchange Company have been helping taxpayers throughout the country with their exchanges for several decades. If you want to learn more about the tax saving benefits of section 1031, contact us today at our downtown Minneapolis office.
- 1031 Hotline: If you have questions about how to open an order for a 1031 exchange, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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