Any real estate transaction will require at least a little collaboration between parties. The same is true for 1031 exchange transactions. In this article, we are going to discuss the importance of collaboration in a 1031 exchange and talk about the specific parties you need to collaborate with to have a successful exchange.
Collaborate with Your Intermediary
The person you’re going to need to collaborate with the most is your qualified intermediary. This is your go-to resource who facilitates the exchange on your behalf.
Collaborate with Your CPA & Accountant
You’ll also need to work closely with your CPA or accountant before, during, and after your 1031 exchange. Most importantly, you’ll need to properly report the exchange to the IRS after the exchange wraps up. Your CPA will be able to help you with that.
Collaborate with Your Attorney
It’s also a good idea to connect with your real estate attorney before embarking on a 1031 exchange. This is just to ensure that your exchange won’t cause any additional issues for you.
Collaborate with a 1031 Exchange Company
Start collaborating with a 1031 exchange company today by contacting our qualified intermediaries. Commercial Partners Exchange Company has over twenty years of experience facilitating exchanges of real estate in Minnesota and across the United States. We can work with you through every step of your exchange and make sure you understand what’s happening every step of the way. Contact us to learn more about our exchange services and how we can help you defer taxes on your next real estate sale.
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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