Posts Tagged ‘1031’
Monday, August 10th, 2009 by Moore McLaughlin
Over the next few posts, I will be dispelling many of the common myths surrounding 1031 exchanges. The confusion and misunderstandings caused by the myths has resulted in many taxpayers paying more taxes than they should. By paying the excess taxes, the non-exchangers have reduced the amount that they can reinvest, thereby needlessly reducing their income.
Myth No. 1
I sold a single-family rental property, thus I must buy a single-family rental property.
Alexandra and I hear this all the time. Similarly, we hear “I can only trade raw land for raw land” or “multi-family for multi-family” or “Massachusetts property for Massachusetts property.” In actuality, Section 1031 requires an exchange of “like-kind” property. When dealing with real estate, “like-kind” is defined as any interest in real property. Therefore, an exchanger can trade a single-family rental property for a commercial building. Raw land can be exchanged for developed land. Massachusetts real estate can be exchanged for Florida real estate.
Fractional interests can be exchanged for fee simple (or undivided) interests. Likewise, fee simple interests can be exchanged for tenants-in-common interests. Often times we see exchangers selling fee simple interests in Rhode Island property and buying TICs in other states.
Conservation easements, development rights, air rights and other intangible real estate rights can qualify as real property and be exchanged for fee simple interests, TICs and other real estate investments.
In summary, real estate is broadly defined. Tax courts look to local law in determining if an interest is “real property”. If the interest is real property, then the exchanger has a very wide array of options
Myth No. 2
My property is not worth enough for the trouble of a 1031 exchange.
Nothing could be further from the truth. First of all, 1031 exchanges are very easy, especially with All States 1031 Exchange Facilitator, LLC. We handle all the paperwork to satisfy the stringent requirements of the IRS and hold your hand throughout the entire process. Our experience and knowledge of the tax law and the 1031 exchange process allows us to simply everything for you.
Second, the key in determining the value of the 1031 exchange is to look at the amount of taxes that will be deferred, not the selling price of the relinquished property. The amount of the tax that will be deferred is based on the amount of gain that will be recognized if you do not complete an exchange. Your CPA or other tax return preparer can help you with the exact calculation or use our capital gains calculator to determine an estimate of your tax. In any event, even for a low selling price, a taxpayer who has owned the property for many years or who otherwise has a low adjusted tax basis may be staring at a large tax bill. the other component of determining your tax is the tax rate. The federal long-term capital gains rate is currently 15%. However, under several proposals, this rate could increase to 20%, 28% or higher. Don’t forget that any depreciation you have taken gets taxed at 25% currently. And, for some of you, various states will impose taxes. For example, Rhode Island just increased its tax on long-term capital gains from 1.67% to 9.9%. By exchanging real estate in a 1031 exchange, all of these taxes can be deferred, and the tax money reinvested in your new property.
So, even a relatively low selling price of $300,000 by a person with an adjusted tax basis of $100,000 could result in a tax of over $50,000. Instead of sending that money to the government, why not reinvest it and reap the rewards of the larger investment?
In summary, understand the facts of 1031 exchanges and don’t fall for these common myths. You will save money in the long-run and be a smarter investor.
Check back for more posts dispelling other myths about 1031 exchanges. In the meantime, click here for more 1031 myths or contact me or Alexandra Hart at 877-395-1031 or by e-mail fmm@allstates1031.com or ahart@allstates1031.com.
Tags: 1031, 1031 exchange, All States, capital gains tax, Certified Exchange Specialist, CES, conservation easements, development rights, FEA, Federation of Exchange Accommodators, investment, investment property, IRS, like kind, Moore McLaughlin, myth, QI, qualified intermediary, real estate, real property, Tenant In Common, TIC
Posted in 1031 Exchange Basics, 1031 myths, FAQs, Tenants-in-Common
Sunday, August 2nd, 2009 by Moore McLaughlin
The 1031 exchange is a powerful income tax savings and deferral tool. With proper planning and implementation, 1031 exchanges can be an integral part of estate tax planning. As with 1031 exchanges, anyone wishing to establish a well-thought out and properly considered estate plan is well advised to seek the services of a tax attorney who specializes in estate tax planning.
The primary reason why 1031 exchanges can be used so effectively in estate planning is because of the law that allows the heirs to receive a stepped-up basis in the assets transferred to them upon death. Capital gains are calculated based on the difference between the amount received from the sale of the asset and the seller’s adjusted tax basis. The seller’s adjusted tax basis is the amount paid for the asset originally, plus the cost of capital improvements, reduced by the amount of depreciation deductions taken over the years. If the amount received (including debt paid off or assumed) exceeds the adjusted tax basis, a capital gain results. A 1031 exchange allows the seller to avoid gain recognition, in part, by transferring the basis from the relinquished property to the replacement property. Then, if the replacement property is ever sold, the deferred gain may be recognized or deferred again with another 1031 exchange.
However, if the replacement property is owned by the exchanger upon the exchanger’s death, then the heirs get to “step up” the basis to the property’s fair market value as of the date of death. If the heirs sell the property the next day, no gain is recognized because the basis of the property was increased to an amount equal to the fair market value. In this instance, the gain that was deferred by the 1031 exchange is permanently avoided.
Exchangers are sometimes confronted with the decision of whether to sell a property and take back a promissory note, i.e. seller financing. In such a case, the seller would recognize the capital gain over time, as payments are made under the terms of the promissory note. The downside to this plan, from an estate tax perspective, is that the heirs do not get to step up the basis in the promissory note. As a result, the entire amount of gain must be recognized at some point in the future as payments are received.
Most seniors and retirees look at an asset as merely a producer of an income stream, whether payments under a note, net rent from an investment property, or stock dividends. Many times, these seniors and retirees are looking for an income stream that is generated without any effort on their part. They’ve put in their time over the years and are looking for passive income.
A 1031 exchange is the perfect solution because of the IRS definition of real estate and the development of tenant-in-common (TIC) investments 
and the proliferation of single-tenant triple-net lease properties. I’ve worked with many people in this exact situation and they come to realize that they can enjoy a greater stream of income by reinvesting all of their sales proceeds, not just the net after taxes. 1031 exchanges all investors to achieve a higher reinvestment capital through the power of tax deferral. furthermore, distributions from TIC investments are often times easier to split up amongst heirs than leaving behind a physical piece of real estate, especially one that requires hands-on management.
To learn more about estate tax planning, click here.
To learn more about various types of passive investments that qualify for 1031 exchange replacement property, click here.
For more information about estate planning, contact F. Moore McLaughlin, Esq, CPA, CES(r) at 401-421-5115 x212 or by e-mail at mmclaughlinquinn@mclaughlinquinn.com.
Tags: 1031, 1031 exchange, All States, capital gains tax, Certified Exchange Specialist, CES, CPA, estate planning, estate tax planning, investment, investment property, Moore McLaughlin, QI, qualified intermediary, qualifying property, tax attorney, Tenant In Common, TIC
Posted in 1031 Exchange Basics, FAQs, Qualifying Properties, Tenants-in-Common
Tuesday, July 21st, 2009 by Moore McLaughlin
Everyone from the greatest tax attorney on down knows that the Internal Revenue Code is complicated and impossible to understand. I’ve always maintained that the easiest way to achieve true tax simplification is to pass a law requiring everyone in Congress and the President to prepare their own tax returns, by hand, and be subjected to a line-by-line audit. I guarantee that the tax code would be shortened and made easier to understand. I’m not sure that would be so great for tax attorneys, but I’m sure it would be good for America.
Since we know this will never happen, we are left with trying to understand the laws as they are currently written. Fortunately, a few of us 
make our living understanding and applying the tax laws in ways to help our clients. I have been teaching tax law to CPAs, attorneys, real estate brokers, real estate and other investors, and anyone who will listen since I began practicing law over 17 years ago. I believed then, and I believe even more strongly now, that those who are better educated about how the tax laws work have a decided advantage over those who don’t. Seeking an experienced professional is certainly a wise move, but the client who has more than a mere passing knowledge of the tax laws will, in the long run, be more successful than his or her peers who lack a solid understanding. Remembering that it is not what you make, but what you keep that is important.
All of this brings me to the topic of 1031 exchanges. 1031 exchanges are a very powerful tool, in the right hands. While in many respects 1031 exchanges are very simple, and should scare no one, certain complex nuances can be exploited to save even more taxes when used properly. Alexandra Hart and I spend a good portion of our work time educating investors and their professionals about basic and not-so-basic aspects of 1031 exchanges and debunking the most common myths and misunderstandings about 1031 exchanges. We send out monthly educational newsletters to further educate exchangors and their advisors.
One of the basic areas where we educate investors deals with what types of properties qualify for 1031 exchanges. Once people learn that they can exchange a three-family rental for a commercial building, or raw land for improved land, or property in Rhode Island for property in Florida, they start to see the unlimited possibilities. We educate exchangors about the time constraints set forth for 1031 exchanges. Exchangors who understand these rules make better decisions about which properties to pursue. Alexandra spends many hours each week speaking with CPAs explaining how to calculate the tax a client would owe without the exchange and how to compare it to the tax savings of doing the exchange.
We also explain the possibilities of investing in tenant-in-common arrangements, whereby a small investor can leverage his or her exchange proceeds into a larger, more profitable, and easier-to-manage property, all within the rules of section 1031. Again, education is the key. These investors are more informed and geneally make smarter investment decisions.
I encourage everyone who is interested in exchanging to read, read and read, and ask questions. As a caveat, make sure you ask the right people, not your brother, your neighbor, or your friend from the gym (unless these people are trained in 1031 exchanges). Visit our website at www.allstates1031.com to read the many articles I have written. Continue checking this blog. Call or e-mail me or Alexandra or request our free 1031 exchange guide and start the education process early to give yourself the best chance for a successful 1031 exchange.
Tags: 1031, 1031 exchange, All States, Certified Exchange Specialist, CES, investment, investment property, IRS, Moore McLaughlin, QI, qualified intermediary, qualifying property, Tenant In Common, TIC
Posted in 1031 Exchange Basics, Choosing a Qualified Intermediary, FAQs, Qualifying Properties, Tenants-in-Common, Test Your Exchange IQ
Tuesday, July 14th, 2009 by Moore McLaughlin
In Ocmulgee Fields, Inc. (2009), the United States Tax Court had another opportunity to consider whether a taxpayer can acquire replacement property from a related party in a 1031 like-kind exchange. Relying on its prior decision in Teruya Brothers, Ltd. (2005), the court rejected the claimed like-kind exchange even though the replacement property had been acquired through a qualified intermediary. The Tax Court indicated its belief that the basis shifting that occurs in a like-kind exchange is sufficient grounds to apply the anti-abuse rule in Code Section 1031(f)(4). The case is important because it highlights the potential tax risk in acquiring replacement property from a related party.
In general, Congress and the IRS have always cast a wary eye on transactions between related parties. The Internal Revenue Code does not contain a blanket ban on such transactions. However, many sections of the tax code apply special rules where Congress or the IRS suspects a greater potential for abuse. In particular with section 1031, the IRS and the courts have generally held that an exchanger cannot purchase replacement property from a related party. One exception is where the related party is also doing a 1031 exchange, and buying from an unrelated party.
Interestingly, however, the IRS and the courts have recently ruled on several occasions that an exchanger may sell the relinquished property to a related party without violating the letter or spirit of the related party rules under section 1031.
The moral of this case is to be aware of the relationships among all of the parties to an exchange and consult an experienced tax attorney when in doubt. If you would like to know more about the recent cases, or related party exchanges, contact All States 1031 Exchange Facilitator, LLC owner F. Moore McLaughlin, Esq., CPA, CES at fmm@allstates1031.com or Alexandra L. Hart at ahart@allstates1031.com or by calling at 877-395-1031.
Tags: 1031, 1031 exchange, All States, IRS, Moore McLaughlin, related party exchange
Posted in 1031 Exchange Basics, 1031 News, FAQs
Monday, July 6th, 2009 by Moore McLaughlin
I have read some recent posts on various websites proclaiming that 1031 exchanges are dead among Baby Boomers. As Mark Twain wrote from London after reading his own obituary, “The reports of my death are greatly exaggerated.” In fact, the baby boomers may be the demographic group that uses 1031 exchanges most frequently. The reasons are fairly obvious. Wealth is not accumulated overnight, usually. It takes time. The older you are, the more time you have had to accumulate wealth. Plus, those with wealth tend to have better tax and investment advisors who can teach them all the tricks.
But, most importantly, many baby boomers have undertaken extensive and appropriate estate planning and therefore understand the value of 1031 exchanges in an integrated estate plan. Exchangors can acquire the replacement property or properties and hold them until death. At this point, their heirs receive a stepped-up basis in the property and the capital gains tax has been completely avoided.
Some promoters are pitching a new product called a deferred sales trust. Looking beyond whether these types of structures actually achieve the touted tax results, and whether the funds are truly safe, and whether the return on the investment is reasonable, the tax results, especially compared to 1031 exchanges, must be analyzed. The premise behind the deferred sales trust is that the taxpayer sells the property and effectively receives an installment obligation, thereby allowing the gain to be recognized in future tax years when the payments are received. Two important tax consequences result from this structure.
First, as gain is recognized in subsequent years, the tax is imposed on these gains based on the tax rates in effect at the time. Since long-term capital gains rates are at historic lows right now, there is no where to go but up. So, a present value tax calculation should include the possibility that tax rates will increase. In Rhode Island, the tax rates on long-term capital gains recently increased from 1.67% to 9.9%, effective beginning in 2010. For federal tax purposes, President Obama campaigned on a pledge of higher taxes. As a result, the tax bite on an installment sale will not be insignificant.
Second, payments under installment sale notes are generally treated as income in respect of a decedent when received by the estate of a decedent. No step-up in basis is allowed. Thus, the estate or the heirs will pay the income tax. Not the case with 1031 exchange replacement property. Replacement property received by an estate or heirs steps-up the basis to its current fair market value. If the heirs or the estate sells the property at that value, no tax results. Not the case with installment sale notes.
Another important feature of 1031 exchanges for baby boomers, and other real estate investors, is the ability to exchange into qualifying replacement properties that require little or no active owner involvement. Many Tenant-In-Common investments are available whereby exchangors can buy a fractional interest in a property and have the property professionally managed for them. Single-tenant triple-net properties are also available, as are shopping malls with triple-net tenants. An exchangor should consult with a professional in searching for the various options that are available. Or, visit the Property Exchange web page sponsored for free by All States 1031 Exchange Facilitator, LLC.
For these reasons, as well as many others, the 1031 exchange often makes more sense than the deferred sales trust. In any event, consult with a tax attorney, preferably one who is also a CPA and a Certified Exchange Specialist, who can explain the differences and help you decide which option makes the most sense for a particular person and scenario.
Tags: 1031, 1031 exchange, All States, baby boomers, capital gains tax, Certified Exchange Specialist, CES, deferred sales trust, estate planning, estate tax, FEA, Federation of Exchange Accommodators, installment sale, installment sale note, investment, investment property, Moore McLaughlin, promissory note, QI, qualified intermediary, Rhode Island, trust
Posted in 1031 Exchange Basics, 1031 News, Qualifying Properties, Tenants-in-Common
Wednesday, July 1st, 2009 by Moore McLaughlin
Thanks to Mike Hurney and Mass RealEstate.net, sponsors of Investment Advisors, a real estate investors group that meets on the last Tuesday of every month in Peabody, Massachusetts. Mike was kind enough to allow me to present an educational seminar last night to his group of new and experienced real estate investors. My presentation covered 1031 exchanges, including construction and improvement exchanges, as well as estate planning, estate tax planning and asset protection planning for real estate investors. The investors were particularly interested in how to structure the ownership of their investment real estate in order to provide the maximum protection against creditors.
My presentation followed a great discussion by Mike about the real estate investment cycle and how to recognize and prepare for proper timing. Mike is an excellent speaker and extremely knowledgable about all topics relating to real estate investment. The members of the investors group had many wonderful insights and provided many valuable tips.
If you are interested in learning more about real estate investing, I suggest you contact Mike about joining his real estate investors group. You can reach Mike by e-mail at mreia@comcast.net.
He also authors an extremely informative blog. Click here for his blog and click here for his website. Be sure to watch his informative video on his website as well.
Tags: 1031, 1031 exchange, All States, construction exchange, improvement exchange, investment, investment property, MassRealEstate.net, Michael Hurney, Moore McLaughlin, QI, qualified intermediary, real estate investment
Posted in 1031 Exchange Basics, 1031 News, Choosing a Qualified Intermediary
Monday, June 29th, 2009 by Moore McLaughlin
Moore and Alexandra want to thank everyone who has helped make the past 10 years an unprecedented success for us here at All States 1031 Exchange Facilitator, LLC. We thank all of our loyal clients, our trusted referral sources and especially our friends and family. We also want to thank all of our former partners and employees who helped lay the groundwork for our success, such as Paul D., Tom, Stephanie, Danielle and Don. We are proud to have survived and thrived over a sometimes tumultuous and sometimes roaring real estate market.
Celebrating 10 Great Years
We have noticed lately that many of our strongest, long-time competitors are disappearing. The 1031 industry has lost many great professionals in the last couple of years, some of whom we consider to be our friends, to downsizing, elimination of positions, ceasing to do business and other reasons. We frequently hear stories about exchangors who try to reach the QI who helped them in the past, only to find no one answering the phone, or that the trusted exchange consultant is no longer employed. In each of these situations, we find new opportunities. Many of our customers and referral sources are proudly encouraging their friends and clients to call us at All States 1031. Referrals are our most important source of new business. When some one passes along our name, they are showing the trust in us that we have earned. And we thank you for this. Click here to read some of the great things our clients and referral sources have said about us.
In celebration of our 10th Anniversary, we are offering a special gift to all new and repeat exchangors. Click here to learn more about our 10th Anniversary Stimulus package and how you can save money on your next exchange.
Once again, Thank You for the last 10 years and we look forward to the next 10.
Tags: 1031, 1031 exchange, 10th Anniversary, All States, Certified Exchange Specialist, CES, Moore McLaughlin, QI, qualified intermediary
Posted in 1031 News, Choosing a Qualified Intermediary
Monday, June 8th, 2009 by Alexandra Hart
As an exchange consultant, I receive the same sad phone call at least once a month: “I just sold my investment property and I’d like to do a 1031 exchange.” Unfortunately, once the closing has happened and the seller receives the proceeds- it’s too late to do a 1031 exchange. They will be stuck paying the tax that they could have deferred (if they had just called me earlier). Generally, that’s about 25% (or more) of their gain going to the IRS instead of giving themselves a higher reinvestment capital by deferring the tax. The same is true for buyers- if they want to defer taxes with a reverse 1031 exchange, they must get in touch with a Qualified Intermediary (QI) like All States 1031 prior to the closing.
In fact, I get calls literally from the closing table: “I’m at the closing- is it too late to do a 1031 exchange?” No- it’s not too late to do a 1031 exchange! I can draft the necessary 1031 documents very quickly and it is still possible to defer taxes at that point with a 1031 exchange (and still close on time!). Planning ahead is the best way to ensure a seamless 1031 exchange. Often times, I receive calls from people who are merely thinking about selling their investment property. I am happy to answer any questions or give complimentary consultations. The more time someone has to plan ahead, the better they will fully understand all of the 1031 rules and the exchange process.
For example, many exchangers think that 45 days to identify potential replacement properties is not enough time. This “exchange clock” starts ticking once the exchanger sells their relinquished property. However, if the exchanger plans ahead, they can start looking for potential replacement properties before they even sell, therefore giving them much longer than 45 days to make such an important decision. I’ve seen many organized exchangers coordinate their sale closing and purchase closing to be within days of each other- that way they don’t even have to worry about the 45 or 180 day time limits.
If you are considering buying or selling investment property, or for more tips on planning ahead for a 1031 exchange, please call me toll free at (877) 395-1031 extension 217 or e-mail me at AHart@AllStates1031.com
Tags: 1031, 1031 advice, 1031 consultant, 1031 exchange, 1031 Facilitator, 1031 Intermediary, 1031 tips, 180 days, 45 days, Add new tag, capital gain tax, capital gains tax, complimentary 1031 consultation, exchange advice, exchange consultant, exchange consultation, Exchange Facilitator, exchange time lines, exchange tips, like kind exchange, planning ahead, QI, qualified intermediary, real estate excahnge, reverse exchange, tax deferred exchange, tax free exchange, time limits
Posted in 1031 Exchange Basics, Choosing a Qualified Intermediary, FAQs, Qualifying Properties
Monday, May 18th, 2009 by Moore McLaughlin
The New Hampshire Department of Revenue (DRA) has recently developed a new audit tactic that could cost taxpayers a lot of money.
The Single-Member LLC (SMLLC), an entity disregarded for Federal tax purposes, has become a popular planning tool for acquiring and holding real estate. A SMLLC is generally taxed as a sole proprietorship, and accounted for on Schedule C or E of the Client’s federal tax return. The State of New Hampshire requires each such entity to file a separate Business Profits Tax (BPT) return.
As the popularity of Section 1031 Exchanges grew, taxpayers began acquiring replacement property in the name of a newly-formed SMLLC directly, despite the fact that the relinquished property had been held differently. Beyond liability protection, taxpayers began using the SMLLC to acquire Tenant-In-Common (TIC) investments, which were made popular by the IRS issuance of Rev. Proc. 2002-22. Under this ruling, an investor could sell their relinquished property in New Hampshire, which was held in any number of ways (corporate, individual, trust, etc.), and take a fractional interest in replacement property located somewhere else in the country, for example an undivided interest in a signature building, shopping center, medical facility, and the like.
The promoters of these investments, and more importantly the banks who financed them, required each of the up to 35 investors to go into the investment “clean”, with no baggage. A special type of SMLLC was created in Delaware, which had a second, “swing” member whose sole purpose was to veto a bankruptcy filing on the part of the SMLLC. In this way, the bank financing the TIC assured itself that none of the investors could declare bankruptcy, none had any past business liabilities or “baggage”, and none could be sued because the most a creditor could get was an attachment on the investor’s SMLLC interest, not on the underlying property.
Since 2002, hundreds if not thousands of these TIC investments were sold to New Hampshire taxpayers who were exchanging out of old, low basis real estate in New Hampshire. Enter the DRA about April of 2008. It began to use transfer tax information provided to it by the 10 Registries of Deeds to track persons who sold New Hampshire real estate and did not file a Business Profits Tax Return with gain figures indicated that were comparable to the value of the stamps that had been placed on the deeds of conveyance. It appears that transfers of $2 million and above were targeted initially.
Eventually the DRA identified a rather large number of NH taxpayers for the 2007 tax year who sold property, did not file a BPT return (because it was a Section 1031 Exchange), and who did not take the Replacement Property in exactly the same name as was on the deed to the Relinquished Property. The cases divided themselves into two groups: a Voluntary Group of taxpayers who took the new property in an SMLLC to enhance their liability protection going forward, and an Involuntary Group of taxpayers who took the new property in an SMLLC because they were required to do so by the TIC sponsor.
There has long been an issue in Section 1031 Exchanges called the “Identity of Taxpayer Rule,” which states that for Federal tax deferral to occur in an otherwise valid transaction, the same taxpayer giving the relinquished property must get the replacement property. However, certain types of entities were “Disregarded” by the IRS, namely Grantor Trusts, SMLLC’s and others.
As of April of last year, such is not the case in New Hampshire. Only the Grantor Trust is disregarded, which means that the taxpayers mentioned above owe NH Business Profits Taxes on their completed exchanges.
For anyone effectuating 1031 exchanges in New Hampshire, special care must be taken. Be sure to consult a qualified intermediary such as All States 1031 Exchange Facilitator, LLC who is familiar with all the rules.
Tags: 1031, 1031 exchange, All States, New Hampshire, QI, qualified intermediary, Tenant In Common, TIC
Posted in 1031 Exchange Basics, 1031 News
Monday, May 18th, 2009 by Moore McLaughlin
When choosing a Qualified Intermediary many factors come into play. Of extreme importance, however, is whether the QI has a CES® on staff. The CES® designation was developed by a group of forward-thinking members of the Federation of Exchange Accommodators, the national trade association for 1031 exchange qualified intermediaries. These leaders knew that exchangers should be able to rely on their QI to conduct a valid exchange and provide accurate exchange advice. Prior to the CES® designation, there were few ways to differentiate between QIs with adequate experience and training and those QIs who lacked these necessities. Thus, the CES® designation was born.
In order to obtain become a CES®, a candidate must have at least three years’ experience in all aspects of 1031 exchanges. Once acquiring the requisite experience, the candidate must pass a rigorous written examination and pledge to adhere to a strict Code of Ethics. Furthermore, the CES® must earn continuing education credits each year, including continuing ethics compliance.
While there are certainly qualified professionals acting as QIs who do not have the CES® designation, most of the best QIs do have someone on staff with this designation. Note that the CES® designation is for individuals, not companies. Currently, there is no equivalent designation for companies.
So, when searching for a QI, one of the first things to look for is a CES® on staff.
Tags: 1031, 1031 exchange, All States, Certified Exchange Specialist, CES, FEA, Federation of Exchange Accommodators, QI, qualified intermediary
Posted in 1031 Exchange Basics
