There are a lot of moving parts in a 1031 exchange and many players involved. Some taxpayers don’t know who to involve in their exchange. Should you involve your attorney? CPA? Financial planner? Someone else? In this article, we are going to discuss when it’s a good idea to involve a real estate attorney in the 1031 exchange process.
The Role of a Real Estate Attorney
There is a lot of complicated documentation that comes with any 1031 exchange. If you’re confused about any of it, your attorney can help clear things up. Your attorney can read through and help you understand purchase agreements, contracts, exchange documents, and closing documents that relate to your 1031 exchange.
Your attorney is not the only professional you need on your 1031 exchange team. Far from it! Perhaps the most important person to have on your exchange team is a skilled qualified intermediary. This should be the point person throughout the exchange process. You should also consult with your CPA and financial planner to discuss the tax implications of the exchange and also how it will impact your portfolio.
Commercial Partners Exchange Company
At Commercial Partners Exchange Company, our intermediaries have twenty years of experience helping taxpayers defer capital gains taxes when selling real property. We can prepare your 1031 exchange documents, answer all of your questions, and advise you throughout your exchange. Get your 1031 exchange up and running today by calling our qualified intermediaries to start the process. With offices around the United States, we are fully equipped to facilitate your exchange, regardless of where your property is located.
- 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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