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Irc section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like kind exchange.
Section 1031 qualified intermediary. Professional trade association for qualified intermediaries under irc 1031 recent federal tax reform proposals threaten section 1031. Prepare documentation concerning the relinquished asset and the replacement property. Gain deferred in a like kind exchange under irc section 1031 is tax deferred but it is not tax free.
A qualified intermediary qi must facilitate a 1031 exchange. Coordinate with the seller and any adviser on the structure of the 1031 exchange. Under section 1031 of the internal revenue code irc owners of business or investment properties through the use of a qualified intermediary can sell one property and purchase a similar or like kind property while deferring capital gains.
A qualified intermediary is a key part of completing a successful 1031 exchange. Since your financial goals are unique to your situation to get the most from your exchange it is very important to work with a 1031 qualified intermediary who understands your situation and can recommend the right solution. After the irs receives the application a qi ein will be issued to the applicant.
Capital gain taxes on the sale of the relinquished property are deferred until the replacement property is sold at a future date. Qualified intermediary s services a qualified intermediary will serve in numerous capacities during a 1031 exchange. The qi is a person who holds funds from the relinquished property and uses them to acquire the new replacement property.
A qualified intermediary can request a qi ein by submitting a document titled a form ss 4 to the irs. Irc section 1031 like kind exchange.
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