The Guru’s Musts for a Successful Exchange
By Bob • March 31st, 2010
1. Work with a competent tax professional:1031 exchanges can be complicated, and thus, it is important to discuss your tax goals with a tax professional before entering into an exchange agreement. Your tax advisor can provide you with the advice you need to determine if an exchange is right for the transaction, and can help you structure the exchange so that your tax goals are satisfied. The qualified intermediary cannot provide legal advice about the exchange, nor can they structure the exchange for the taxpayer.
2. Understand the exchange rules:
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