Many taxpayers are interested in doing a 1031 exchange but don’t know how to find a great qualified intermediary. In this article, we are going to offer some tips for finding a great qualified intermediary for your 1031 exchange of real estate.
Ask For a Referral
An excellent place to start is with your close circle of family and friends. Ask around to see if anyone you know has done a 1031 exchange before. If so, they may have a good recommendation for you.
Do Some Research
If you can’t get a referral, take to the Internet and do some research. Do a Google search for “Qualified Intermediary” or “1031 Exchange Company” in your area and you should find numerous options. Then it’s a matter of doing your due diligence. Check out each intermediary’s website and get to know them a bit better. See if they have any reviews from previous clients, and make sure they do the type of work you’re looking for.
Third-Party Listings
Checking out an intermediary’s website is great, but for a less biased look, check out their reviews on third-party listings like Google. This will give you a better sense of what clients think about the intermediary.
Get Help with Your 1031 Exchange
If you are considering a 1031 exchange of your real property, don’t go it alone! Contact an experienced qualified intermediary who can help you through the ins and outs of the 1031 exchange process. There are many traps that can trip up 1031 exchangors, and an intermediary is your best defense against these. Your QI can also draft all of your required documents and answer any questions you may have. Contact us today at our office in downtown Minneapolis to learn more about the tax-saving perks of a real estate exchange.
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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