You are currently browsing the Burbank Real Estate Report weblog archives for the day 30. May 2007.
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Archive for 30. May 2007
Beware of Unscrupulous 1031 Exchange Intermediaries!
30. May 2007 by Ana Connell.
A 1031 Exchange can be a very useful tool for the property owner who wants to defer capital gains on the sale of a real estate property.
Recently the Wall Street Journal and today Realtor Magazine had a great article about investors running into trouble with the IRS because of misappropriation of funds by the qualified intermediary or QI the investors used to manage the 1031 exchange funds!
If you know of any clients who utilize this tool, you may want to alert them to this situation! In the last year two QI’s have misappropriated client funds and the IRS is looking at the investors as well as the QI’s.
It is unclear, other than losing the tax deferral, if the investors will face any other penalties.
Your thoughts and comments are welcome!
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