1031 Exchange Agreement Form For Indian Companies In Santa Clara

State:
Multi-State
County:
Santa Clara
Control #:
US-00333
Format:
Word; 
Rich Text
Instant download

Description

This form states that the owner of certain property desires to exchange the property for other real property of like kind and to qualify the exchange as a nonrecognition transaction. The agreement also discusses assignment of contract rights to transfer relinquished property, resolution of dispute, indemnification, and liability of exchangor.
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FAQ

A 1031 exchange does not obviate the need for a realtor. Quite to the contrary, in most cases an Exchanger has an even greater need for a realtor due to the time constraints placed on Exchangers.

A Qualified Intermediary, or QI, is an independent third party to the transaction whose function is to prepare the documents necessary to create the exchange, as well as to act as the independent escrow agent for the exchange funds.

While it may be tempting to ask your CPA to act as your Qualified Intermediary, a CPA cannot facilitate a 1031 exchange between investors. Under IRC Section 1031 guidelines, CPAs, attorneys, investment bankers, and real estate agents/brokers fall under the 'agent' category.

What Is a Qualified Intermediary? Qualified Intermediary (QI) is someone a property seller selects to oversee the 1031 exchange process and its funds. They hold the funds from the previous property and use them to acquire the new replacement property to ensure compliance with IRS regulations.

How to Do a 1031 Exchange Choose a qualified intermediary to coordinate the exchange. Sell your current real estate property. You have 45 days to identify potential replacement properties. You have 180 days to close on a replacement property. File IRS Form 8824.

More info

We facilitate and support 1031 Exchanges of investment properties for tax deferral and to maximize investment dollars. 1031 exchange Santa clara county boutique law office that offers estate planning, tax planning, Trusts, Wills, Gift Planning, Equity Sharing Agreements.Learn what it takes to do a 1031 exchange in California and how you can cleverly leverage it to defer capital gains tax and build wealth. By filling out the proper paperwork, you can pursue your exchange without having money withheld while you're trying to complete your exchange. (API), we'll assist you in deferring capital gains taxes.

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1031 Exchange Agreement Form For Indian Companies In Santa Clara