Anonymous wrote:A CPA would be more helpful with this.

By law your cpa cannot do a 1031 exchange. In fact by statute if your cpa does it the exchange will fail and you will owe taxes.

Anonymous wrote:

Anonymous wrote:I googled 1031 exchange and found a few companies handling the process. I called two of them and got quotes from them. It was smooth process but you do need a specialized agency to handle it. Do not seel beofre you talk to them.

Thanks PP. I will also call around to get more info. What do you mean by "specialized agency"? (OP).

We used First American Exchange last year. You can submit an online inquiry or call them. The agent was very helpful and explained how it works.

Anonymous wrote:A CPA would be more helpful with this.

No. A CPA is useful after the exchange to make sure your file the right tax forms.

A CPA would be more helpful with this.

Anonymous wrote:I googled 1031 exchange and found a few companies handling the process. I called two of them and got quotes from them. It was smooth process but you do need a specialized agency to handle it. Do not seel beofre you talk to them.

Thanks PP. I will also call around to get more info. What do you mean by "specialized agency"? (OP).

OP again. So based on my research, there are quite a few qualified intermediaries/exchange companies out there. Most seem to be based in other states but do their work remotely so that shouldn't be an issue.

Anyone have personal experience with any exchange companies that they can recommend? I know one PP suggested IPX. There's also 1031Corp, 1031X, First American Exchange, Exeter 1031, etc...

Thanks!

I googled 1031 exchange and found a few companies handling the process. I called two of them and got quotes from them. It was smooth process but you do need a specialized agency to handle it. Do not seel beofre you talk to them.

Thank you PPs. I really appreciate the information!

-OP

No most real estate agent heard about it but doesn’t know how it done.

Crucial thing is you need an intermediary, such as IPX etc, to facilitate the exchange .

Tried to do it before . RE agent said he knows but actually he s clueless. Later figures about all this after asking several people including RE attorney. But eventually did not do it as my mom had Sx of cancer at that time and above was the reason we decided to cancel the sell( exchange) .

Anonymous wrote:

Anonymous wrote:Find a 1031 exchange a. gent

Thanks PP. How do you find a good exchange agent? I’ve searched on Google but I’ll try reaching out to local real estate connections to see if they have any recommendations.

I think exchange agents are only totally necessary if you sell your primary property and still need time to identify the exchange property. Then you need a trustworthy exchange agent hold the funds. We used First American Exchange Company. Otherwise if it's a sale and exchange purchase at the same time, find a closing attorney who can do 1031 exchanges. Personally I couldn't time it out.

Anonymous wrote:Find a 1031 exchange agent

Thanks PP. How do you find a good exchange agent? I’ve searched on Google but I’ll try reaching out to local real estate connections to see if they have any recommendations.

Find a 1031 exchange agent

AgentX wrote:The key with 1031's is to ensure you have the title company engaged. They are more instrumental than an agent is, though I would also suggest seeking out someone who has some experience with a 1031. There's not a ton to it, but they have to know that there are proper disclosures for this so that the potential buyer of any of your homes know you have 45 days to find the new home.

Thank you for the helpful info PP!

- OP

The key with 1031's is to ensure you have the title company engaged. They are more instrumental than an agent is, though I would also suggest seeking out someone who has some experience with a 1031. There's not a ton to it, but they have to know that there are proper disclosures for this so that the potential buyer of any of your homes know you have 45 days to find the new home.

Or do I need to hire an agent that has experience with this? I have two rental properties (one in Md and one in Va) that I want to exchange for a single (more expensive) rental property in Va. I know about the 45 day rule, 180 day rule, etc… but I’m wondering if I need to hire a 1031 “expert” or can any real estate agent help with this?